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Income Taxes

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Angus Mraz

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Cards in this guide (22)
What institution insures individual banking accounts

minimum check-writing fee

Which of these is the best description of an assessment
What type of tax is usually paid to the county treasurer

property

What is the best definition of a progressive tax system

a tax system that takes a larger proportion of income from high-income people than from low-income people

What is the total percentage of income that will be withheld from any employee's paycheck for Social Security and Medicare taxes

7.65

What type of tax is levied on goods bought in a store

sale taxes

What is the best definition of taxable income

For Federal income tax purposes, taxable income is the portion of a taxpayer's gross income on which his regular income tax liability (before payments and credits) for the year is based. Income from any given source is taxable, unless the Code specifically says it isn't taxable.

Calculation:

Taxable income starts with gross income, which according to the US Internal Revenue Code, is all income from whatever source derived. Gross income is then reduced by certain adjustments allowed by the IRS (e.g. for student loan interest, alimony paid, and 10 or so other specific items) to get adjusted gross income. Adjusted gross income is then reduced by exemptions (both personal and for any dependents) and itemized deductions (or the standard deduction) to arrive at taxable income.

Which of these is true of an annuity

there are two types of annuities including fixed and variable

Which of these is an element of whole life insurance

under this type of policy, the insured pays premiums for his or her entire life :)

thankkk emery.s (;

Which of these statements is most complete with regard to the role of the producer in an economy

Producers consume both goods and services.

Who was the first person to get a social security number

The first person to receive a social security number is actually unknown. See Related Links.

Which of these is the best description of a grant

it is a direct payment from the state to local government.:)

Does a higher education necessarily mean that you will get paid more money

No

The Social Security tax is 6 2 percent and the Medicare tax is 1 45 percent of your annual income How much would you pay per year to FICA if your annual earnings were 47000

47000 times 7.65 % the amount of FICA would be 3595.50.

What is used to reconcile a bank statement

Ending Balance: $676.23

Outstanding Deposits: $356.71

Outstanding Checks: $321.15

711.79

How many states do not impose state tax on earned income

41 states

Which type of tax is calculated on a per-item basis

An excise tax or sales tax is calculated on a per-item basis

What type of account contains contributions made with after-tax dollars

roth 40

Which of these does not describe a total consumption budget

it is designed to reach short-term goals

Which is not usually required by the lender when you apply for a home mortgage

Renters Insurance.

At What age can Americans begin receiving Social Security benefits

62

What following accounts are only offered by employers to their employees

401(k) A+

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