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FHCE 3200 EXAM #2 STUDY GUIDE Questions and Correct Answers/ Latest Update / Already Graded

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FHCE 3200 EXAM #2 STUDY GUIDE Questions and Correct Answers/ Latest Update / Already Graded

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FHCE 3200 EXAM #2 STUDY GUIDE
Questions and Correct Answers/ Latest
Update / Already Graded
Flat tax

Ans: everyone pays the same rate


regressive tax

Ans: low income earners pay a larger proportion of their
incomes in taxes relative to high-income households


Progressive tax

Ans: those with more income pay increasingly higher taxes,
high-income earners pay a disproportionately larger amount of
taxes


different types of taxes

Ans: •Federal income taxes
•State income taxes (where applicable)
•Payroll taxes
•Sales taxes
•Property taxes

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form 1040EZ

Ans: simplified tax form for
•single or married-filing-jointly
•income reported from wages or salaries
•standard deduction use
•no dependents


form 1040A

Ans: more complicated than form 1040EZ
•allows other types of income reported (such as tips, interest,
dividends, and scholarships)
•allows the taxpayer to claim more deductions and tax credits


form 1040

Ans: standard tax form everyone can use
•used by the highest-earning households
•also used by households with modest incomes


single

Ans: -not married

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