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United States Taxation (And test review questions!) Flashcards | StudBud
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United States Taxation (And test review questions!)
United States Taxation (And test review questions!)
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Questions to use to teach tax basics in economics.
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
How much did Americans pay in federal and state taxes in 2013? (in total dollars)
$92 Gazillion
$4.22 Trillion
$143 Billion
$957 Million
2
What day are taxes typically due? (test question!)
January 1
May 30
April 15
October 1
3
What percent of your paycheck goes to pay Medicare? (test question!).
15%
1.45%
6%
10%
4
About how much do you pay for both federal and state tax on gas in Alabama?
75 cents
20 cents
$1
40 cents
5
A married couple filing jointly pays 39.6% to federal income tax if they make more than:
$750,000
$450,000
$200,000
$1,000,000
6
What is the federal excise tax on gasoline per gallon?
$1.13
18.4 cents
76.1 cents
0 cents
7
What % of your tax $ goes to entitlements such as soc. security,medicare/aid,welfare & interest
5%
70%
20%
40%
8
What is the tax rate on indoor tanning?
0%
5%
3%
10%
9
The top 1% of Americans made 18.7% of the nations income. What % of the tax bill do they pay?
5%
18.7%
35.1%
51.6%
10
Which two states tax interest & dividends, but not earned income? (test question!)
TX & FL
TN & NH
OH & NY
AL & GA
11
What are Alabama's tax brackets?
5% 8% 10%
10% 15% 20%
2% 5% 7%
2% 4% 5%
12
What state has the highest cigarette tax of $4.35 per pack?
New York
Kentucky
Texas
Virginia
13
A married couple filing jointly making $60,000 a year would pay what % federal income tax?
2%
15%
25%
40%
14
Which of these is NOT used to report income to the federal govt? (test question!)
Form 40
1040A
1040
1040EZ
15
What Supreme Court Justice stated taxes were the price of living in a civilized society?
Dwight Eisenhower
John Marshall
Sandra Day O'Connor
Oliver Wendell Holmes
16
What is the income split point that puts you in the top 10% of Americans?
$120,136
$74,000
$243,820
$472,729
17
A married couple filing jointly making $120,000 a year would pay what % federal income tax?
25%
6%
10%
50%
18
How many states DO NOT levy a state income tax on earned income? (test question!)
7
2
16
0
19
If all the taxes you pay were compressed into a 9-5 workday, what time would you be tax free?
9:58am
12:02pm
2:09pm
11:13am
20
The top 50% of Americans pay what % of the total tax bill?
50.2%
67.2
97.1%
35.3%
21
How many days out of the year do Americans work to pay for Social Security & Medicare?
154
2
70
25
22
What state ranks 1st in federal spending received per dollar of tax paid?
New Mexico
Michigan
New York
Iowa
23
The top 5% of Americans pay what % of the total tax bill?
2.4%
56.5%
95%
5%
24
What is the federal excise tax on cigarettes per pack?
56 cents
14 cents
$1.5023
$1.0066
25
What is the highest marginal tax rate that has ever been charged in the United States?
62%
40%
94%
81%
26
In 1900, Americans paid what percent of their income to taxes?
35%
0%
75%
5.9%
27
What was the federal budget deficit in 2013?
$5.7 Trillion
$968 Million
$39 Million
$642 Billion
28
What state has the least level of taxation and hits tax freedom day first?
New York
Illinois
Mississippi
Montana
29
What state has the latest tax freedom day when including state/local taxes?
Connecticut
Louisiana
Colorado
Michigan
30
If you made over $216,000 in 1981 what % federal tax did you have to pay?
90%
20%
70%
40%
31
What are the lowest and highest federal income tax brackets? (test question!)
10% & 39.6%
10% & 40%
15% & 35%
5% & 39.6%
32
What are the standard deductions for single & married? (test question!)
$5000 S $10,000 M
$4000 S $8000 M
$6000 S $12,000 M
$6300 S $12,600 M
33
What % of your income goes toward social security? (test question!)
6.2%
1%
0%
15%
34
What is the federal exemption amount per person? (test question!)
$5000
$4000
$6300
None
35
On what day will tax freedom day (day we have earned enough $ to pay tax bill) fall this year?
May 30
April 18
January 25
March 3
