stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Financial Literacy Review--Unit 6: Taxes Flashcards | StudBud
Explore
/
Financial Literacy Review--Unit 6: Taxes
Financial Literacy Review--Unit 6: Taxes
20 terms
·
StudBud Administration
·
81 plays
#math #taxes #highschool
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
A tax deductible expense or a fixed amount of expenses taken in one lump sum is ...
a refund
a deduction
a credit
an adjustment
2
Which is not an adjustment to taxable income?
moving expenses related to a new job at least 50 miles away
contributions to ROTH retirement accounts
contributions to traditional retirement accounts
student loan interest
3
James is single. He gave $4,500 to charity and paid $800 in mortgage interest. How much can he deduct?
$5,300
$12,400
$800
$4,500
4
If James' taxable income is $27,600, what is his tax bracket?
12%
22%
10%
24%
5
Which of the following is not excludable income?
gifts from family
student loan interest
Social Security payments
combat pay
6
How much does James owe in taxes on $27,600 with $17,725 taxed at 12%? (Remember to add in the 10%.)
$3,795
$3,114.50
$987.50
$2,127
7
How much can a person who is 59 contribute to an IRA per year?
$19,500
$6,000
$26,000
$7,000
8
Trisha earns $57,000 a year and contributes 5% of her salary to retirement. How much is she investing each year?
$570
$5,700
$2,850
$28,500
9
What is the future value of Trisha's retirement account with PMT=2850, r=.08 and n=40?
$738,311.08
$725,358.25
$1,000,000
$72,535.83
10
20. Explain the difference between a ROTH and a traditional retirement account in terms of tax advantages.
Neither save you money on taxes
ROTH accounts save you money now and traditional accounts later
Both save money now
Traditional save you money now and ROTH later
11
How much can a person who is 44 contribute to a 401k per year?
$19,500
$7,000
$26,000
$6,000
12
How does a 401k differ from an IRA?
It's a retirement plan
It has tax benefits
There are limits on how much can be contributed
It's provided by a company
13
Matt contributes $4,000/yr to his retirement account. His company's 1:2 match is how much?
$2,000
$4,000
$1,000
$3,000
14
James owes $3,114.50 but has already paid $4,800 in withholdings. How much is his tax refund?
He does not get a refund
$4,800
$3,114.50
$1,685.50
15
Sarah has about $500 in medical expenses each year but has no children or other dependents. She
... should not get either a HSA or flexible-spending
... should put no more than $50/month into a HSA
... should put $1,000 into flexible-spending
... should put $1,000 into a Health Savings Accout
16
Trisha finds a retirement account that averages 8% APR. Convert it to a decimal.
.0667
.8
.00667
.08
17
Trisha is 25 and plans to retire at age 65. How many years till she retires?
30
50
40
35
18
Which are not behaviors the U.S. government encourages via tax incentives?
cohabitation and vacationing in exotic locations
buying a house and getting an education
getting medical treatment and paying taxes
giving to charity and working
19
James earned $47,000 this year, $7,000 of which was combat pay. How much is taxable before deductions?
$40,000
$33,000
$47,000
$54,000
20
What is a tax refund?
a deductible expense
money due back due to withholding overpayment or tax credits
the subtraction of a certain amount from taxable income
a charge the government places on citizens
