Taxes (Actual) Exam Graded A+ 2025
If Massachusetts has a sales tax of 6 percent and New Hampshire has no sales tax,
how much money can be saved by buying a $1,000 television in New Hampshire? -
ANSWER-$60
In addition to federal income tax, many people also pay - ANSWER-state income tax.
Most state and local income taxes are either ______. - ANSWER-Progressive or flat
Property taxes are based on - ANSWER-how much a property is worth.
Social security and medicare are - ANSWER-payroll taxes.
The chart shows a sample paycheck stub.
The chart shows that federal and state taxes are - ANSWER-withheld from employee
pay.
The diagram shows revenue from federal income taxes.
What does the diagram show about tax revenue? - ANSWER-The most revenue comes
from individual and payroll taxes.
The document shows a 1040 form.
The 1040 form is used to collect - ANSWER-federal tax.
The document shows a personal allowances worksheet.
w-The document asks about dependents because the number can - ANSWER-lower
overall taxes.
What types of information does a W-2 form contain? Check all that apply. - ANSWER-
how much has been earned
how much has been withheld for taxes
Which describes a type of tax that funds city programs? - ANSWER-local income tax
Which explains a difference between income and taxable income? - ANSWER-Income
is what a person earns, while taxable income reflects deductions subtracted for relevant
expenses.
If Massachusetts has a sales tax of 6 percent and New Hampshire has no sales tax,
how much money can be saved by buying a $1,000 television in New Hampshire? -
ANSWER-$60
In addition to federal income tax, many people also pay - ANSWER-state income tax.
Most state and local income taxes are either ______. - ANSWER-Progressive or flat
Property taxes are based on - ANSWER-how much a property is worth.
Social security and medicare are - ANSWER-payroll taxes.
The chart shows a sample paycheck stub.
The chart shows that federal and state taxes are - ANSWER-withheld from employee
pay.
The diagram shows revenue from federal income taxes.
What does the diagram show about tax revenue? - ANSWER-The most revenue comes
from individual and payroll taxes.
The document shows a 1040 form.
The 1040 form is used to collect - ANSWER-federal tax.
The document shows a personal allowances worksheet.
w-The document asks about dependents because the number can - ANSWER-lower
overall taxes.
What types of information does a W-2 form contain? Check all that apply. - ANSWER-
how much has been earned
how much has been withheld for taxes
Which describes a type of tax that funds city programs? - ANSWER-local income tax
Which explains a difference between income and taxable income? - ANSWER-Income
is what a person earns, while taxable income reflects deductions subtracted for relevant
expenses.
