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</p> Signup and view all the answers

    What is the purpose of an excise tax?

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

    Which states do not charge sales tax?

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

    What is the purpose of payroll taxes?

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

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

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

    What is the purpose of tax credits?

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

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

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

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

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

    What is Antonio's taxable income?

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

    What do tax credits do?

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

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