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EPF Ch21 Taxes

Quiz by Andrew Dahl

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15 questions
Show answers
  • Q1
    ______ occurs due to limited supplies and unlimited wants and needs
    scarcity
    surplus
    taxable income
    inflation
    30s
  • Q2
    Which of the following is not a catergory to file for taxes
    illegal resident
    single
    married
    head of household
    30s
  • Q3
    To have your tax return examined by the IRS is a
    requirement
    audit
    deduction
    filing status
    30s
  • Q4
    ________ is used to lower taxable income for taxes
    allowances
    adjustment
    exemptions
    Income
    30s
  • Q5
    which of the following in not a type of taxed income
    interest
    dividened
    earned
    discretionaryu
    30s
  • Q6
    money that is taken out of your paycheck is
    liberations
    withholding
    garnishments
    excise
    30s
  • Q7
    This form is used by your employers to be informed at what level of withholding from your paycheck
    W2
    W4
    1040EZ
    Schedule A
    30s
  • Q8
    You get this at the end of the year (wage and Tax statement)
    1040A
    W4
    exception list
    W2
    30s
  • Q9
    this is an adjustment to the tax withheld from you paycheck
    adjustment
    exception
    deductions
    allowance
    30s
  • Q10
    if you are unable to meet the tax filing deadline, you can file for an
    extension
    allowance
    adjudication
    exemption
    30s
  • Q11
    A federal tax collected on the value of a person wealth at the time of their death is
    inheritance tax
    income tax
    estate tax
    tax liability
    30s
  • Q12
    this tax is imposed on wealth left to another person from a person who has dies
    estate tax
    inheritance tax
    excise tax
    income tax
    30s
  • Q13
    This paid on wages, salaries, or self-employed earning
    estate tax
    excise tax
    income tax
    inheritance tax
    30s
  • Q14
    ________ is your gross income after adjustments to your income
    gross income
    taxable income
    excusionary
    adjusted gross income
    30s
  • Q15
    Gross income is
    calculated after taxes
    the total of all money earned in a specific time period
    deductible
    a tax credit
    30s

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