Basics of Taxes

Front

Payroll tax includes deductions for the Social Security and Medicare program. True or False?

Back

True

Front

Unearned income could include interest earned from a savings account.

Back

True

Front

Consumption items such as gas, hotel rooms and airline tickets are often charged an excise tax.

Back

True

Front

Sales tax is added to the original price of an item.

Back

True

Front

Are taxes one of the largest expenses for most people?

Back

True

Front

I can deduct the expenses of looking for my first job.

Back

False

Front

The amount of federal income tax you pay decreases as you earn more money.

Back

False

Front

Income tax is paid on only income earned through working from pay.

Back

False

Front

If an employee has $100 withheld from their paycheck for Social Security and Medicare tax deductions, the employer will contribute $50 for the total paid to be $150.

Back

False

Front

The amount of sales tax charged is the same for every state and city.

Back

False