In addition to paying for government operations, taxation may be used to ....

influence behavior, redistribute wealth, stabilize economy

The Social Security taxes deducted from earnings today pay for.....

the benefits others are currently receiving

Form W-4 determines........

payroll deduction amount employers are to withhold from pay

how much tax was withheld from your paycheck last year

A regressive tax taxes....

the poor at a higher percentage than it does the rich

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Learning More About Earnings and Tax Responsibilities

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Personal Finance information for Financial Literacy

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Questions 12

Answers

1
In addition to paying for government operations, taxation may be used to ....
influence behavior, redistribute wealth, stabilize economy
add dollars to economy, change poverty, keep economy same
keep behavior same, change wealth, destabilize economy
take money from economy, change attitude, encourage spending
2
This is not an entitlement program
social security
defense spending
medicare
unemployment compensation
3
The purpose of a Social Security number is to ......
serve as an identifier on all tax returns and IRS forms
keep track of itemized tax deductions
keep track of earnings to determine Social Security benefits
Both 1 and 3
4
The Social Security taxes deducted from earnings today pay for.....
all of the above
the benefits others are currently receiving
the health care needs of the poor
the benefits you will receive at retirement
5
A fair tax.....
all of the above
is no greater than needed
distributes burden equally among taxpayers
fiits taxpayers ability to pay
6
Net income is gross income minus
payroll deductions
tax credits
bonuses
interest earnings
7
The government agency responsible for collecting federal income taxes is the....
Department of Labor
Internal Revenue Service
Social Security Administration
Department of Treasury
8
Unearned income includes all of the following except......
interest paid on savings and bonds
unemployment compensation
alimony
tips
9
Form W-4 determines........
how much tax was withheld from paycheck last year.
if you should use the long form or short form to file taxes
payroll deduction amount employers are to withhold from pay
your eligibility for tax credits
10
Key sources of state and local tax revenue include all of the following except ....
Social Security tax
sales tax
property tax
personal and corporate tax
11
Form W-2 determines
the amount of payroll deductions an employer should withhold
how much tax was withheld from your paycheck last year
your eligibility for tax credits
if you should use the long form or short form to file taxes
12
A regressive tax taxes....
the rich at higher % than it does the poor
the same percentage of all incomes
middle income families at a high % than it does rich or poor
the poor at a higher percentage than it does the rich

Learning More About Earnings and Tax Responsibilities Flashcards | StudBud