Master the World of Taxes

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Questions and Answers

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?

  • 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?

  • 0%
  • 30%
  • 15% (correct)
  • 25%

Which states do not have state income taxes?

<p>Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, Wyoming (D)</p> Signup and view all the answers

What is the purpose of an excise tax?

<p>To reduce consumption of specific goods or activities (C)</p> Signup and view all the answers

Which states do not charge sales tax?

<p>Alaska, Delaware, Montana, New Hampshire, Oregon (C)</p> Signup and view all the answers

What is the purpose of payroll taxes?

<p>To fund Social Security and Medicare (B)</p> Signup and view all the answers

Which filing status is recommended for Antonio to save on taxes?

<p>Head of Household (A)</p> Signup and view all the answers

What is the tax owed for Antonio if he uses the Head of Household filing status?

<p>$12,672 (B)</p> Signup and view all the answers

What is the purpose of tax credits?

<p>To reduce the amount of tax owed (B)</p> Signup and view all the answers

Is it recommended to receive a large tax refund?

<p>Yes, it is better than paying more at the end of the year. (A)</p> Signup and view all the answers

Which filing status is recommended for Antonio to save on taxes?

<p>Head of Household (A)</p> Signup and view all the answers

What is the standard deduction for head of household for the 2022 tax year?

<p>$19,400 (D)</p> Signup and view all the answers

What is Antonio's taxable income?

<p>$12,467 (B)</p> Signup and view all the answers

What do tax credits do?

<p>Reduce the amount of tax owed (D)</p> Signup and view all the answers

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