W!SE Financial Literacy Test Review-Taxes

Which of the following would be a liability?

What is another name for Social Security Tax?

Willful failure to pay taxes is defined as which of the following?

Property taxes are an example of which tax category?

Lunches, medical bills, personal care items, and clothing are examples of:

As your income increases, the more taxes you pay is an example of which type of tax?

When the IRS sends a certified letter to you which of the following audit would this be?

Which of the following is NOT considered a required deduction?

Which of the following is an example of a voluntary deduction?

A house payment and car payment are examples of:

Definition of an asset:

Money left to spend or save after required expenses:

Items that are subtracted from your paycheck?

Federal program that provides health ins to 65+ and under 65 with certain disabilities

A spending and savings plan based on your expected income and expenses:

An IRS audit that results in an IRS Agent knocking on your door for questioning?

Gross pay refers to:

As your income increases, your taxes decreases is an example of which tax:

What is another name for take home pay?

When the responsibility is put on us to ensure we're paying taxes and filing our returns?