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Personal Income Tax Questions Flashcards | StudBud
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Personal Income Tax Questions
Personal Income Tax Questions
33 terms
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StudBud Administration
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Taxes and Government Assistance
Flashcards
33 cards
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Questions
33
Answers
1
Failing to file your taxes results can result in
hiring an attorney
all are correct
prison
fines
2
Percentage of taxes actually go down as you make more income
proportional
regressive
indirect
progressive
3
The highest tax receipts by source is
Individual Income tax
Excise taxes
Estate & Gift tax
Corporation Income tax
4
You pay this % on social security tax
6.2%
7.5%
3.2%
4.8%
5
Due date for having your taxes filed is
April 11
April 16
April 14
April 15
6
Most beneficiaries of Social Security (they get a check every month) are
baby boomers
retirees
college students
the disabled
7
They created the position of Commissioner of the Internal Revenue
Lincoln/Senate
Lincoln/Supreme Court
Lincoln/Congress
Lincoln/House of Representative
8
This is what is given when you are laid off from work (not fired)
White Slip
Green slip
Black Slip
Pink slip
9
The majority of our tax dollars goes to
veteran's benefits
transportation
education
military
10
We have a Taxpayer Bill of Rights
false
true
11
W-4 is a form that one claims any withholding from one's paycheck
false
true
12
Exempt means
you do not have to pay taxes
you do have to pay taxes
13
Medicaid eligibility is
low income
children under 19
pregnant women
all the above
14
If you receive alimony from you "ex" , then you must report that on your taxes.
false
true
15
Parent can claim their child as dependent if child is enrolled in college full time age 18-24
true
false
16
The IRS stands for
Institute Review Service
Institute Revenue Services
Internal Revenue Service
Internal Receipts Service
17
As a wage/salaried employee, your employer picks up 1/3 of your payroll taxes
false
true
18
FICA stands for
Federal Insurance Contributor Administration
Federal Internal Contribution Act
none of the above
Federal Insurance Contribution Act
19
You earn more...you pay more taxes
proportional tax form
regressive tax form
progressive tax form
direct tax form
20
Our country's basic health insurance program for people age 65 & up & those w disabilities
WIC
FICA
Medicare
Medicaid
21
SSA stands for
Senior Social Administration
Society Security Alliance
Social Senior Admissions
Social Security Administration
22
When your parents claim you as a dependent, they get to write off $1750 on their taxes
true
false
23
The roots of the IRS go back to which war?
none are correct
Civil War
Revolutionary War
World War 1
24
Scholarships are to claimed on your taxes
false
true
25
Social Security can assist families in which a spouse or parent dies
true
false
26
Those with higher incomes pay more than those with lower incomes
ability to pay principle
benefits-received principle
27
Age is a factor of whether or not one pays taxes
true
false
28
We pay for our public schools through our
personal taxes
income taxes
property taxes
housing taxes
29
Property taxes are calculated as a % of the value of a person's home
false
true
30
One has to claim child support as income on one's income taxes.
true
false
31
Payroll taxes are also called
income taxes
property taxes
personal income taxes
employment taxes
32
This form gets mailed to you from your employer by January 31
W-4
W-2
1040ez
1040
33
Groups to likely forfeit their tax returns
college students
high school students
uninsured motorists
young professionals
