Quiz about Ⓢ MATH.7.13A: INCOME TAX

Question 1

Mr. Barrett bought a new battery for his car. The battery cost $72. Since batteries are a taxable item, he had to pay a sales tax of 7.5%. What was the total cost of the battery in dollars and cents?

Accepted Answer

$77.40

Answer

$79.50

Answer

$5.40

Answer

$66.60

Question 2

Mr. Lucas bought a new lounge chair for his game room. The one he chose was $425. He had to pay a sales tax of 8.2%. What was the amount of sales tax he paid on the chair?

Accepted Answer

$34.85

Answer

$24.90

Answer

$44.30

Answer

Not Here

Question 3

Net income is:

Accepted Answer

the amount of money you receive after deductions are subtracted from your gross income

Answer

the total amount of money you earn

Answer

the amount of money that is taken away in the form of taxes

Answer

the hourly rate of pay

Question 4

Gross income is:

Accepted Answer

the total amount of money you earn

Answer

the amount of money you receive after decuctions are subtracted

Answer

the total amount of money you spend

Answer

sales taxes on items you buy

Question 5

Alyssa has her first job at the local bakery. After working for one week, she received her first paycheck. The total amount of money she is able to put in the bank is $75.62. What type of income does this amount describe?

Accepted Answer

Net Income

Answer

Gross Income

Answer

Both Gross and Net Income

Answer

None of the above

Question 6

What is the amount of money you earn, before taxes are taken out?

Accepted Answer

Gross Income

Answer

Net Income

Answer

Property Income

Question 7

The amount of money left over after taxes are taken out is called...

Accepted Answer

Net Income

Answer

Gross Income

Question 8

Tax on the value of a house, building or land

Accepted Answer

Property tax

Answer

Sales Tax

Answer

Income Tax

Question 9

Tax the boss takes out of your check for social security and medicare

Accepted Answer

Payroll tax

Answer

Property Tax

Answer

Income Tax

Answer

Sales Tax

Question 10

Money taken out your income

Accepted Answer

deductions

Answer

gross

Answer

net

Answer

expenses

Question 11

If Cardi gets raise at work and her gross income increase. Which statement is more likely to be true?

Accepted Answer

Since her gross income increased, her net income will increase.

Answer

Since her gross income increased, her net income will decrease.

Answer

Since her gross income increased, her property tax will increase.

Answer

None of the above

Question 12

Sales tax is __________ to the price.

Accepted Answer

added

Answer

subtracted

Answer

multiplied

Answer

divided

Question 13

A tax on the amount of money you earn

Accepted Answer

income tax

Answer

payroll tax

Answer

sales tax

Answer

property tax

Question 14

The total tax an employer withholds from an employee's paycheck.

Accepted Answer

payroll tax

Answer

income tax

Answer

sales tax

Answer

property tax

Question 15

Vickie makes $40,000 annually.  If she pays 20% in income tax, what is the amount of income tax she will pay?

Accepted Answer

8000

Answer

80000

Answer

2000

Answer

1200

Question 16

Noah is a lawyer.  Last year he made $92,000.  If he has to pay 22% in income tax what is the amount of income tax he has to pay?

Accepted Answer

20240

Answer

2024

Answer

22000

Answer

2000

Question 17

Peter is a college professor.  His annual salary is $112,000.  If he has to pay 25% income tax what is the amount of tax he will pay?

Accepted Answer

28000

Answer

30000

Answer

25000

Answer

22000

Question 18

John make $50,000 annually.  If he is charged 20% income tax, determine his gross pay.

Accepted Answer

40000

Answer

10000

Answer

30000

Answer

20000

Question 19

Fred earns $10 an hour as a library assistant. If we worked 40 hours last week, his paycheck would be

Accepted Answer

Less than $400

Answer

Equal to $400

Answer

More than $400

Answer

Found in the tax table

Question 20

What is the program that extends health coverage to almost all Americans age 65 and over?

Accepted Answer

medicare

Answer

social security

Answer

taxes

Answer

income tax

Question 21

What is the program that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died?

Accepted Answer

social security

Answer

taxes

Answer

medicare

Answer

income tax

Question 22

Required payments to a government are_______________.

Accepted Answer

taxes

Answer

income

Answer

medicare

Question 23

Total pay or earnings made over a one-year period before any deductions have been taken is _____________.

Accepted Answer

gross annual income

Answer

net monthly income

Answer

net annual income

Answer

gross monthly income

Question 24

Bruce makes $100,000 per year.
Steve makes $50,000 per year.
Tony makes $30,000 per year.
Bruce pays 30% in taxes, Steve pays 20%, and Tony pays 10%. This tax is

Accepted Answer

Progressive

Answer

Proportional

Answer

Regressive

Answer

I have no idea.

Question 25

Which of the following is an example of unearned income?

Accepted Answer

Money earned on interest from a savings account.

Answer

Money earned from waiting tables.

Answer

The tax return you receive from the government after filing you 1040EZ.

Answer

Money from a salary job such as a professional athlete.

Question 26

Which type of tax do you pay on your home or land?

Accepted Answer

Property Tax

Answer

Location Tax

Answer

Land Tax

Answer

House Tax

Question 27

Jessica is wanting to buy a $10.00 box of candy. The sales tax is 5%. How much is the total for the candy?

Accepted Answer

$10.50

Answer

$15.00

Answer

11.00

Answer

$12.00

Question 28

As Mariah was looking over her sales receipt for the purse she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. What is this extra 6% charge most likely to be?

Accepted Answer

Sales tax on the purse she purchased.

Answer

An excise tax on the purse she purchased

Answer

Property tax on the purse she purchased.

Answer

Income tax on the purse she purchased.

Question 29

A tax on purchased goods and services

Accepted Answer

Sales tax

Answer

community

Answer

property tax

Answer

earned income

Question 30

Which type of tax do you pay on your home or land?

Accepted Answer

Property Tax

Answer

Location Tax

Answer

Land Tax

Answer

House Tax

Question 31

For which of the following would an employer withhold money from an employee's pay?

Accepted Answer

All of the above

Answer

Federal income tax

Answer

Social Security tax

Answer

Medicare Tax

Question 32

Fred earns $10 an hour as a library assistant. If we worked 40 hours last week, his paycheck would be

Accepted Answer

Less than $400

Answer

Equal to $400

Answer

More than $400

Answer

Found in the tax table

Question 33

Which of the following does not influence the amount of your federal tax withholding?

Accepted Answer

Your health insurance benefits

Answer

The amount you earn

Answer

Your marital status

Answer

Your number of withholding allowances

Question 34

By the Wayside hotel offers 10% off their nightly rate of $89.99 if a customer stays for three or more nights.  They also accept a $5 off coupon, each night, for reserving the room online.  If the 10% discount is applied first, what is the discounted room rate per night after using both monetary incentives?  Round to the nearest cent.

Accepted Answer

$75.99

Answer

$74.99

Answer

$80.99

Answer

$84.99

Question 35

A grocery store is offering 10% off all purchases if you bring your own bag to carry groceries.  If the total bill, after applying the monetary incentive, is $136.80, what was the amount of the bill before the incentive?

Accepted Answer

$152.00

Answer

$123.12

Answer

$146.80

Answer

$150.48

Question 36

Allison purchases her college books for the upcoming semester.  She has to pay $98 for a biology book, $38 for a used poetry book, and $74 for a trigonometry book.  If the sales tax rate is 7.5%, how much tax with Allison pay?

Accepted Answer

$15.75

Answer

$7.50

Answer

$14.25

Answer

$157.50

Question 37

Jane works in a law office.  Her annual salary is $24,000.  Jane is paid monthly and pays income tax at a rate of 15% on her earnings over $944, plus $75.60.  How much income tax does Jane pay each month?

Accepted Answer

$234

Answer

$1,766

Answer

$1,700

Answer

$300

Question 38

Braylon is on a school field trip and wants to purchase a souvenir for his parents.  The item he wants to purchase is $20.  The total cost of the souvenir with tax is $21.45.  What tax rate does Braylon pay for the souvenir?

Accepted Answer

7.25%

Answer

7%

Answer

8.25%

Answer

8%

Question 39

There are two incentives listed in the table to buy a tablet. Which is the better incentive to buy the tablet and what is the savings?
Incentive 1 - $299 15% Rebate
Incentive 2 - $299 $40 Coupon

Accepted Answer

incentive 1; $4.85

Answer

incentive 2; $4.85

Answer

incentive 1; $4.15

Answer

incentive 2; $4.15

Question 40

The price of an mp3 player is $149.99. The mp3 player was on sale for 20% off. Matt bought the mp3 player at the sale price and also had a rebate of $50. How much did Matt pay for the mp3 player?

Accepted Answer

$69.99

Answer

$119.99

Answer

$99.99

Answer

$79.99

Question 41

The regular retail price of a bag of Crunchy Pretzels is $4.98. Eat Right Markets and Food For Less both have monetary incentives on Crunchy Pretzels. Which has the better incentive and what is the savings on four bags?
Eat Right Market - 2 Bags for $5.00
Food for Less Buy - 1 Bag Get 1 Bag Free

Accepted Answer

Food For Less; $0.04

Answer

Eat Right Markets; $0.04

Answer

Eat Right Markets; $9.96

Answer

Food For Less; $9.96

Question 42

Kathy worked at the library for three months.  She earned $4,500.00 and must pay a total of 15% in taxes, which includes federal withholding, Medicare, and Social Security taxes.  What is her net pay?

Accepted Answer

$3,825.00

Answer

$3,875.00

Answer

$4,825.00

Answer

$5,175.00

Question 43

Cody purchases a digital camera for his family to use on their vacation.  The model he purchases in on sale for $129.  The sales tax rate for his city is 7.5%.  How much sales tax does Cody pay on the digital camera?

Accepted Answer

$9.68

Answer

$0.97

Answer

$7.50

Answer

$17.20

Question 44

Jade is visiting a state where the sales tax is 5%.  She bought a travel guide that cost $22.  What is the total cost of the travel guide?

Accepted Answer

$23.10

Answer

$1.10

Answer

$33.00

Answer

$22.00

Question 45

Question 45.

Accepted Answer

B

Answer

A

Answer

C

Answer

D

Question 46

Question 46.

Accepted Answer

A

Answer

B

Answer

C

Answer

D

Question 47

Question 47.

Accepted Answer

C

Answer

A

Answer

B

Answer

D

Question 48

Question 48.

Accepted Answer

B

Answer

A

Answer

C

Answer

D

Question 49

Question 49.

Accepted Answer

A

Answer

B

Answer

C

Answer

D

Question 50

Question 50.

Accepted Answer

B

Answer

A

Answer

C

Answer

D

Question 51

What is income?

Accepted Answer

Money earned

Answer

Money owed

Answer

Money spent

Answer

Money loaned

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