What does "Voluntary Compliance" refer to in tax terminology?
Taxes Practice Quiz

Quiz
•
Mathematics
•
11th Grade
•
Easy
AMANDA ZABLONSKI
Used 4+ times
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of pay remaining after deductions have been taken out.
When the total tax payments are greater than the total tax.
The idea that taxpayers are responsible for declaring all their income, calculating their tax liability correctly, and filing a tax return on time.
A percentage of money that you pay to the state government based on the income you make.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are "Transaction Taxes"?
Taxes on economic transactions.
Taxes on the annual earnings of businesses, individuals, trusts, and legal entities, forming the largest source of revenue for the federal government.
A US federal payroll tax payable by both employees and employers to fund Social Security and Medicare.
The amount of pay remaining after deductions have been taken out.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which definition best describes "Property Taxes"?
Taxes on personal and business property.
Taxes on income both earned and unearned.
The individual responsible for calculating taxes and filing tax returns.
A bureau of the Dept. of Treasury that is tasked with the enforcement of income tax laws and oversees the collection of federal income taxes.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of "Income Taxes"?
A tax on the annual earnings of businesses, individuals, trusts, and legal entities, forming the largest source of revenue for the federal government.
Taxes on economic transactions.
Taxes on personal and business property.
The amount of pay remaining after deductions have been taken out.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "FICA" stand for?
A US federal payroll tax payable by both employees and employers to fund Social Security and Medicare.
Taxes on economic transactions.
The individual responsible for calculating taxes and filing tax returns.
A bureau of the Dept. of Treasury that is tasked with the enforcement of income tax laws and oversees the collection of federal income taxes.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which tax system does the US federal government use?
Progressive
Proportional
Regressive
Voluntary
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which equation below shows how gross pay relates to net pay?
Gross Pay = Net Pay * Deductions
Gross Pay = Net Pay - Deductions
Net Pay = Gross Pay + Deductions
Net Pay = Gross Pay - Deductions
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the two FICA taxes?
FUTA
Federal Income Tax
SUTA
Medicare Tax
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?
Payroll tax
Property tax
Sales tax
Income tax
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