Test 4 EPF – Flashcards
Unlock all answers in this set
Unlock answersquestion
How much money will you contribute to Social Security if your gross pay is $500.00
answer
$31
question
Which form do employers use to calculate the amount of federal income tax to be withheld from your paycheck?
answer
W-4
question
A proportional tax would NOT take a percentage of income from which group?
answer
Individuals with no income
question
You are single and earn $40,000.00/year at your full-time job. You also have a part-time job as a waitress/waiter where you earned $2,000.00/year in tips. You have interest income of $500.00 from your savings account. What is your taxable income?
answer
$42,500.00
question
Using the Virginia tax table, determine how much money an individual who earns $40,479.00 will owe in state income taxes. https://pwcs.desire2learn.com/content/enforced/15054-EPFdSUM15/TAXTABLE%20VA%20sum15.pdf
answer
$2071
question
If you are single with no children and your parents do not claim you on their taxes, how many allowances should you indicate on your W-4 form in order to get the most money back at the end of the year?
answer
1
question
Which tax system has a negative effect on low-income individuals?
answer
Regressive
question
How is taxable income calculated on the 1040EZ?
answer
Subtract standard deduction from adjusted gross income.
question
You have calculated that you owe $16,000.00 in taxes for the year. During this year, you had $18,500.00 withheld from earnings. You ____________.
answer
Have a refund of 2,500.00 from the federal government.
question
Which item includes a tax in the price of the good?
answer
Gasoline
question
What is the primary purpose of taxes?
answer
Fund government activities
question
What is sales tax?
answer
Percentage tax on the sales price of many goods
question
Where does the largest amount of Federal tax revenue come from?
answer
Federal income tax
question
You earn $1,500.00 a month and your employer withholds $450.00 in taxes a month. This is an example of ____________.
answer
Taxes on earnings
question
What information do you need to complete your federal income tax return form?
answer
W-2 from each employer
