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Taxes Flashcards | StudBud
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Taxes
Taxes
43 terms
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StudBud Administration
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Taxes and Government Assistance
Flashcards
43 cards
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Practice quiz
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Questions
43
Answers
1
People of any age who have kidney failure or long-term kidney disease can be assisted by
Medicare
HUD
WIC
Medicaid
2
Those with higher incomes pay more than those with lower incomes
ability to pay principle
benefits-received principle
3
Exempt means
you do not have to pay taxes
you do have to pay taxes
4
FICA stands for
Federal Insurance Contributor Administration
none of the above
Federal Internal Contribution Act
Federal Insurance Contribution Act
5
One is likely to get _________________ than winning at the lottery
struck by lightening
trip on a curb
hit by a bus
attacked by a hawk
6
This form of tax cannot be shifted to anyone else
direct
progressive
proportional
regressive
7
The Taxpayer Bill of Rights has ____ rights listed
12
5
7
10
8
Most beneficiaries of Social Security (they get a check every month) are
college students
retirees
baby boomers
the disabled
9
This is the 48th Commissioner of the IRS
John Konner
John Koskienen
John Kosko
John Kuschar
10
Playing the lottery give a sense of
wishful thinking
false hope
self confidence
power of choice
11
The IRS stands for
Institute Revenue Services
Internal Revenue Service
Internal Receipts Service
Institute Review Service
12
Medicaid eligibility is
all the above
low income
pregnant women
children under 19
13
This form gets mailed to you from your employer by January 31
W-2
1040
1040ez
W-4
14
The highest tax receipts by source is
Individual Income tax
Corporation Income tax
Excise taxes
Estate & Gift tax
15
This is what is given when you are laid off from work (not fired)
Black Slip
Green slip
Pink slip
White Slip
16
You pay this % on social security tax
6.2%
4.8%
3.2%
7.5%
17
One has to claim child support as income on one's income taxes.
false
true
18
Use a gov't service & support it with taxes in relation to the benefit one receives
benefits received principle
ability to pay principle
19
Who said, "but in this world nothing can be said to be certain, except death and taxes.”
Benjamin Franklin
Thomas Jefferson
John Hancock
George Washington
20
Payroll taxes are also called
property taxes
personal income taxes
income taxes
employment taxes
21
As a wage/salaried employee, your employer picks up 1/2 of your payroll taxes for FICA
false
true
22
These taxes are calculated as a % of the value of a person's home
Home Taxes
Property taxes
Deed taxes
City taxes
23
Our country's basic health insurance program for people age 65 & up & those w disabilities
WIC
Medicare
FICA
Medicaid
24
HUD stands for
Home & Urban Development
Housing & Urban Development
Housing & Urgent Development
Home & Urgent Development
25
They created the position of Commissioner of the Internal Revenue
Lincoln/Supreme Court
Lincoln/House of Representative
Lincoln/Congress
Lincoln/Senate
26
The majority of our tax dollars goes to
military
education
veteran's benefits
transportation
27
The roots of the IRS go back to which war?
none are correct
Revolutionary War
World War 1
Civil War
28
Social Security can assist families in which a spouse or parent dies
false
true
29
This tax can be shifted to others such as to the consumers
indirect
regressive
proportional
progressive
30
Parent can claim their child as dependent if child is enrolled in college full time age 18-24
false
true
31
Scholarships are to claimed on your taxes
true
false
32
Due date for having your taxes filed is
April 11
April 15
April 16
April 14
33
WIC stands for
none of the above
Wives, Infants, & Children
Women, Infants, & Children
Widows, Infants, & Children
34
If you receive alimony from you "ex" , then you must report that on your taxes.
true
false
35
Secretary of the US Department of Housing & Urban Development is
Dr. Ben Carson
Dr. Ben Caston
Dr. Bob Carsen
Dr. Brian Caster
36
Failing to file your taxes results can result in
all are correct
prison
fines
hiring an attorney
37
You earn more...you pay more taxes
direct tax form
proportional tax form
progressive tax form
regressive tax form
38
Percentage of taxes actually go down as you make more income
indirect
progressive
proportional
regressive
39
Groups to likely forfeit their tax returns
young professionals
college students
uninsured motorists
high school students
40
WIC is provided through the
United States Department of Food
United States Department of Agriculture
United States Department of Education
United States Department of Nutrition
41
SSA stands for
Social Senior Admissions
Social Security Administration
Society Security Alliance
Senior Social Administration
42
We pay for our public schools through our
personal taxes
property taxes
housing taxes
income taxes
43
RIF means
Release in Force
Remaining in Force
Reduction in Force
Review in Force