Financial Literacy-Taxes

Most working adults will pay the following types of taxes:

• federal income taxes

• payroll taxes

• sales tax

• All of these choices are correct

Which of the following refers to a tax that imposes the same tax rate on all taxpayers subject to the tax?

• Regressive Tax

• Flat Tax

• Progressive Tax

• Federal Income Tax

Which of the following refers to a tax that applies higher tax rates to higher-income households?

• Regressive Tax

• Flat Tax

• Progressive Tax

• Sales Tax

Which of the following refers to annual expenditures exceeding tax revenue?

• Federal Surplus

• Federal Deficit

• U.S. Debt

• Federal Income Tax

What was the approximate value of the U.S. federal debt in 2018?

• $10 billion

• $20 billion

• $10 trillion

• $20 trillion

Which of the following refers to your income after deductions?

• Gross Income

• Adjusted Gross Income (AGI)

• Assessed Income

• Tax Formula

Which of the following refers to a category of dependents?

• Qualifying Children

• Qualifying Relatives

• Both qualifying children and qualifying relatives

• Head of Household

Which of the following refers to the standard tax form that can be used to file taxes?

• Form 1040

• W-2

• W-9

• 1099

Which of the following is a filing status?

• Single

• Married Filed Jointly

• Head of Household

• All of these are correct.

Which of the following filing statuses would be appropriate for someone who is unmarried and has no dependent children or relatives?

• Single

• Married filing jointly

• Married filing separately

• Head of Household