Podcast
Questions and Answers
Which tax is based on the money you make at your job?
Which tax is based on the money you make at your job?
- Excise tax
- Sales tax
- Income tax (correct)
- Payroll tax
What is the concept behind a progressive tax system?
What is the concept behind a progressive tax system?
- No tax rate based on income
- Higher tax rate for low-income groups
- Higher tax rate for high-income groups (correct)
- Equal tax rate for all income levels
What is the tax rate for the second $10,000 of income, according to the text?
What is the tax rate for the second $10,000 of income, according to the text?
- 0%
- 30%
- 15% (correct)
- 25%
Which states do not have state income taxes?
Which states do not have state income taxes?
What is the purpose of an excise tax?
What is the purpose of an excise tax?
Which states do not charge sales tax?
Which states do not charge sales tax?
What is the purpose of payroll taxes?
What is the purpose of payroll taxes?
Which filing status is recommended for Antonio to save on taxes?
Which filing status is recommended for Antonio to save on taxes?
What is the tax owed for Antonio if he uses the Head of Household filing status?
What is the tax owed for Antonio if he uses the Head of Household filing status?
What is the purpose of tax credits?
What is the purpose of tax credits?
Is it recommended to receive a large tax refund?
Is it recommended to receive a large tax refund?
Which filing status is recommended for Antonio to save on taxes?
Which filing status is recommended for Antonio to save on taxes?
What is the standard deduction for head of household for the 2022 tax year?
What is the standard deduction for head of household for the 2022 tax year?
What is Antonio's taxable income?
What is Antonio's taxable income?
What do tax credits do?
What do tax credits do?
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