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Taxes Flashcards | StudBud
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Taxes
Taxes
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taxes and responsiblities
Flashcards
42 cards
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Questions
42
Answers
1
What is the largest Deduction from one's paycheck?
State Income Tax
FICA
Federal Income Tax
Sales Tax
2
The idea that the more you make the more you should pay in taxes. . .
Proporotional
Progressive
Regressive
3
Another name for Sales Tax is considered?
Progressive
Regressive
Proportional
4
This is a detailed examination of your tax return and financial history by the IRS.
Audit
W-2
Tax Reform
Tax Return
5
What does FICA stand for?
Federal Income Commission Assembly
Federal Insurance Contributions Act
Federal Commission Insurance Act
Forgiein Insurance Contribution Association
6
What is another name for Estate Tax
Real Estate Tax
Property Tax
Death Tax
Personal Property Tax
7
Failure to declare all income and falsifying deductions, adjustments and Credits is known as
Tax Audit
Tax Avoidance
Tax Obligation
Tax Evasion
8
Together Federal, State, and Local taxes account for Approx. 40% of the average family contribution to tax.
True
False
9
What is the current State of Illinois Income Tax Rate
6.25 %
6.2 %
1.45%
4.95%
10
What is another name for Excise Tax?
Sales Tax
Estate Tax
Death Tax
Sin Tax
11
How do you calculate one's net worth:
Assets + Libilities = Net Worth
Assets - Libilities = Net Worth
Assets x Libilities = Net Worth
Assets / Libilities = Net Worth
12
What is the current Medicare Rate?
1.45%
4.95%
6.2%
6.25%
13
What form is called the Employee Withholding Allowance Certificate?
W-4
1099 INT
W-2
1040
14
Which one below is not one of the 3 states that have to pay
State Unemployment Tax
?
New Mexico
Alaska
New Jersey
Pennsylania
15
Entitlements such as Social Security & Medicare as well as Interest on the nation debt is considered what?
Mandatory Expenses
Discretionary Expenses
16
Who is responsible for paying the Gift Tax?
The Receiver
The Giver
17
When would one
NOT
be elidgible to claim Social Security?
Retirement
Unemployment
Death of a Spouse/Parent
Disability
18
How much can one gift without being taxed within one calendar year?
$15,000
$13,000
$10,000
$16,000
19
Tax on phone, cigarettes, gasoline, firearms, liqueur...
Property Tax
Death Tax
Excise Tax
Estate Tax
20
Tax on personal items such as Cars, Boats, RVs, ART and furnishing - Illinois does NOT have this tax
Real Estate Tax
Sales Tax
Personal Property Tax
Property Tax
21
What date must your employer have your W-2 Postmarked by?
Dec. 31st
Feb. 11th.
April 15th
Jan 31st
22
Who said, "Taxes are what we pay for a civilized society"?
Oliver James Stone
Oliver Wendell Holmes
Oliver Twist
Oliver Hudson Platt
23
what classification of tax does Gift Tax work on?
Regressive
Proportional
Progressive
24
What is the local Sales tax rate for our county?
1.45%
6.25%
1%
3%
25
What type of tax is
NOT
deducted from one's paycheck?
State Income Tax
Sales Tax
FICA
Federal Income Tax
26
How long should you keep your past tax returns incase of an audit?
1 year
5 Years
7 Years
10 Years
27
On Average, a Family's Income: how much of a gross income will go towards Taxes?
25%
30%
40%
35%
28
What is the current Sales Tax Rate in Illinois:
4.95%
6.2%
1.45%
6.25%
29
What is the current Social Security Rate?
6.2%
1.45%
3.25%
4.9%
30
Tax levied on the net value of the estate of a deceased person before distribution to the heirs
Estate Tax
Personal Property Tax
Property Tax
Real Estate Tax
31
What form should one use to calculate the number of allowances to claim
I-9
1040
W-2
W-4
32
These taxes fund schools, libraries, roads, police, snow removal, fire departments, etc...
Gift Tax
Real Estate Tax
Estate Tax
Sales Tax
33
For the State of IL, the Current State Estate Rate is __% over ____ Million
16% _ 4 Million
No State Estate Tax
40% _ 2 Million
16%_4.25 Million
34
When one adds all their income from ALL sources to calculate their tax liability it is known as
Adjusted Gross Income
Take Home Pay
Gross Income
Net Pay
35
A form one would fill out to figure their tax obligation:
Tax Avoidance
Tax Refund
Tax Evasion
Tax Return
36
Property Taxes are exclusively used for local governments finances. They are used to pay for all of the following EXCEPT
Private Education
Public Education
Hospitals
Highways
37
This form is filled out when you accept a job that verifies one's elidgibility to work.
W-4
I-9
W-2
1099
38
The goal when filing taxes is to get a large return at the end of the year
True
False
39
What form does your bank send you to tell you how much money you made in Interest
1099 - INT
1040
W-2
1099 - DIV
40
Illinois State Income Tax is taxed using this type of tax bracket...
None of These
Proportional
Regressive
Progressive
41
What is the Tax Filing Deadline Date?
April 25th
August 5th
April 5th
April 15th
42
There are 3 common ways Employers can pay their Employee's including:
Paycheck, Direct Deposit, Payroll Card
Paychekcs, Payroll Cards, Cash
Direct Deposit, Gift Cards, Payday Loans
Payroll Card, Direct Deposit, Payday Loans
