check for any suspicious people lurking nearby. 4. which savings account will earn you the most money? Which of the following is true regarding use taxes? The city of Granby, Colorado recently enacted a 1.5% surcharge on vacation cabin rentals that will help pay for the city's new elementary school. A. Use taxes ATTEMPT TO ELIMINATE any tax advantage of purchasing goods out of state. Which of the following statements regarding the child tax credit is false? You incorporate. 4. If a taxpayer purchases stock in an S corporation from another shareholder during the year, the new shareholder may report the entire amount of any loss for the year year, the new shareholder may report the entire amount of any loss for the year Elastic demand – tax will … t/f: when considering a job offer, you should only consider how much you're being paid before you accept the offer, t/f: when considering a job offer, you should consider how much you're being paid and any other employee benefits before you accept the offer, t/f: how much you're being paid is the only thing you need to consider when considering a job offer. which of the following statements about savings account is FALSE? how does the government pay for roads, schools, and emergency services? when you start a new job, you fill out a W-4 form to... to determine how much federal income tax your employer should withhold from your paychecks, your employer sends you a ___ form that tells you how much you've made and how much you've paid in taxes in the last year. In terms of effective tax rates, a sales tax can be viewed as a regressive tax. all of the following may be a part of your benefits package available from your employer, except: healthcare, paid time off, disability insurance, and matching contributions to a retirement account are all types of ___ available from your employer. b. Which of the following is true regarding real property taxes and personal property taxes? Trusts. B. Refundable tax credits are limited to a taxpayer's gross tax liability. b. d. what option will NOT be available if you are behind on loan payments? Form W-2. if there is an issue with your bank statement or account balance, who should you contact to resolve the issue? D. None of the above. which of the following is a possible tax or deduction that they may show up on your paycheck? which of the following statements about savings accounts is FALSE? what should you do before you withdraw money from the ATM? Two taxpayers pay different amounts of ESTATE tax because one taxpayer's estate is worth significantly more. You will not be required to obtain a new EIN if the following statement is true: The administrator, personal representative, or executor changes his/her name or address. The child for whom the credit is claimed must be under the age of 15 at the end of the year. textbooks, transportation and room and board are all... additional costs for attending a college or university. Which of the following statements regarding a partner's tax basis in a partnership interest is true? To ensure the best experience, please update your browser. A) One out of every three dollars earned by an American citizen is used to pay taxes. which of the following will help you protect yourself from identity theft and fraud? the amount of money you're paid after all taxes and deductions are taken out of your paycheck. Which of the following statements is true of foreign trade zone? Real property taxes are GENERALLY EASIER to administer than personal property taxes. It is an area through which merchandise is allowed to pass with fewer procedures but higher taxes. which savings account will earn you the least money? preparing to pay for higher education can start in 9th grade or earlier by... a 529 plan can help you ave more money than a traditional savings account because... what is NOT true about the Free Application for Federal Student Aid (FASFA)? Which of the following statements is true? b. Self-employment income is subject to both Federal income tax and self-employment tax. expensive specialty locking or monitoring service. taxes assessed TO FUND a specific purpose. b. Assuming tax increases price, 1. General taxes are used for the general operation of the governmental agency authorized to impose the taxes. Which of the following is considered a tax? everyone interested in post secondary education should complete the FASFA because... it allows you to be eligible for federal student aid and other scholarships and grants. Which of the following statements regarding the self-employment tax is true? what is a positive reason for using a credit card to finance purchases? You will berequired to obtain a new EIN if any of the following statements are true. regularly monitor your credit report, contact lenders and credit bureaus to address incorrect information, and freeze your credit. D. Statements b. and c. are true. list the 4 year colleges from least to most expensive... in-state public university, out-of-state public univerisity, private university, what can affect whether a public or private university is affordable, the amount of financial aid that the university offers. 5, Departure from a Position Previously Concluded in an Administrative Proceeding or Court Decision. C. Tip income is not taxable. The Wage and Tax Statement is also known as A. The most important source of tax revenue to the federal government is individual income taxes. helps to keep track of the money you receive, prioritize your spending, and reach short and long term financial goals. Which of the following statements is true? 1. Statement on Standards for Tax Services No. Employers often withhold federal income taxes directly from worker's paychecks. A user fee entitles the payer to a specific good or service from the government. This is an example of which principle in practice? what type of federal funding is free money, but is based on financial need only? Place your order today at a 15% discount Which of the following statements concerning Validol is true: a) Validol has a moderate reflex and vascular dilative action caused by the stimulation of sensitive nerve endings b) At sublingual administration the effect is produced in five minutes and 70 % of the preparation is released in 3 minutes c) It is used in cases […] D. None of the above; Which of the following is true? a financial institution may offer for you to pay a little now and pay the rest after your next pay day. which of the following should NOT be considered when setting current budget? It looks like your browser needs an update. taxes assessed TO DISCOURAGE less desirable behavior. In terms of effective tax rates, a sales tax can be viewed as a regressive tax. using a loan could help with the purchase of which of the following? your financial goals, needs and wants, and savings, ___ are good places to look to find your current expenses when building your budget. The average tax rate changes under a proportional tax rate structure, but it is static for a progressive tax rate system. t/f: a savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily. A local surcharge paid on retail sales to fund public schools. what is NOT considered an additional cost beyond tuition for higher education? You change the name of your business. C. Tip income is not taxable. General taxes are Ad Valorem taxes. A. Which of the following statements is not true of S corporations? Corporate income taxes are about percent of total federal government receipts. what is NOT a reason to compelete the FASFA? which of the following is NOT a benefit of using a budget? D. All tip income is taxable. e. 2. C. Form W-4. Added 6 days ago|12/11/2020 8:34:00 PM Eliminating the current system of withholding income taxes directly from employee paychecks would, VIOLATE the convenience criterion of federal taxation. for most careers, which degree will most likely result in the highest lifetime earnings? What taxation concept evaluates the cost of administering our tax law? investing is a guaranteed way to grow your money, a type of investment that invests in a mix of different types of investments. which of the following statements about check cashing companies is TRUE? which of the following is NOT a possible tax or deduction that could show up on your paycheck? A. C. The approach is consistent with a balance sheet emphasis of U.S. GAAP and the International Financial Reporting Standards (IFRS). which of the following statements about investing is FALSE? They are often subject to implicit taxes. which of the following is a benefit of using a budget? which type of bank account typically offers the least (if any) interest? a. Form 1040EZ. Employers must pay withheld FICA taxes to the IRS. when you need a loan, you'll have more loan offers to pick from, secured loans are less costly than unsecured loans because ___, they usually have a lower interest rate, require collateral, and they are less risky for the financial institution, to maintain a good credit score you must ___, recommended methods to protect yourself from identity theft and fraud include ___, placing a credit freeze with the credit bureaus. Which of the following represents the largest percentage of state tax revenue? Which of the following is true? inspect the ATM and its surroundings to make sure it is safe to use. 3. The state of Georgia recently increased its tax on a carton of cigarettes by $2.00. The tax character of income cannot change from year to year. which of the following is NOT considered part of your benefits package available from your employer? You will be required to obtain a new EIN if the following statements are true: One person is the grantor/maker of many trusts. investing is riskier than putting money in a savings accounts, long term financial goals like paying for retirement. Form 1040EZ. to inform your employer of how much federal income tax to withhold from your paychecks to send to the IRS. A. Which of the following would not be a failure of the horizontal equity concept? Which of the following statements concerning tax credits is true? 71. Which of the following statements are true? Which of the following statements is true? The Wage and Tax Statement is also known as; A. 2. D. All tip income is taxable. B. a) a tax cut does not affect aggregate demand b) a tax cut increases aggregate supply c) cutting taxes has the same effect on the economy as increasing government spending d) a change in taxes does not affect consumption e) a cut in tax rates always leads to a decrease in tax revenue Only tip income reported on Form W-2 is taxable. Only tip income reported on Form W-2 is taxable. a. 3. International companies can store goods in these zones without incurring taxes, before shipping them to other countries. Sole proprietorships are subject to more regulations than corporations. how can you ensure you don't go over your budget? These areas provide very limited employment opportunities. compare your own records of your spending with your financial institution's records. Partnership tax basis is increased annually by cash distributions from the partnership. which of the following statements about stocks is TRUE? your W-2, your routing and bank account number, and a record of any other supplemental income. paying only the minimum balance on your credit card can lead to... when looking for pre-approval on a car loan you should... compare pre-approval offers and select the one that is best for you. Oh no! Which of the following statements is true about the Medicaid program? a. the envelope method, notebook and pencil, and online software are all methods of ___, they are used for anything listed on the budget. savings accounts allow an unlimited amount of withdrawals each month. 1. You take in partners and operate as a partnership. Form W-2. it can help you purchase anything you want. what should you do before you approach an ATM? 50 of 50 Which of the following statements referring to general taxes is true? what should you do before you use an ATM? You change your location and/or add other locations. keep your own records to compare with your financial institution's records. B. the earliest you can submit your FASFA is January 1st of each year, you can submit it at the earliest of October 1 each year, the form is available online or paper, and sates may have different deadlines for applying state aid. A trust changes to an estate. Only tips paid in cash are taxable. if there is a mistake with one of your bank accounts, who should you contact to resolve the issue? which of the following should you consider when setting a budget? This surcharge is an example of ________. what is a benefit of having a good credit score? Issue treasury bonds AND cut funding to various federal projects BUT NOT increase federal spending. You purchase or inherit an existing business that you operate as a sole proprietorship. (There are multiple correct choices and you must select them all in order to get full credit.) The following basic principles are applied in accounting for income taxes at the date of the financial statements: A current tax liability or asset is recognized for the estimated taxes payable or refundable on tax returns for the current year. Form W-2. A. c. One half of self-employment tax is deductible as an itemized deduction. Which of the following is true regarding tax-advantaged assets? which of the following statements is TRUE? Only tips paid in cash are taxable. BOTH a sin tax and an excise tax are correct. 5. to avoid spending more than what is in your account, to detect any errors in your account, and to determine if you were charged any fees. why is it important to reconcile your bank statements? This standard addresses a member’s obligation when using the taxpayer’s estimates in the preparation of a tax return. the ___ is a flexible market that allows you to work short-term, independent jobs. what do you need in order to fill our your 1040? which item is important to consider when selecting a credit card? which of the following is TRUE regarding unexpected expenses? You operate multiple businesses. which of the following is NOT a common feature of a financial institution? savings accounts don't usually require a minimum balance, savings accounts don't usually pay interest on the money you deposit. You will notbe required to obtain a new EIN if any of the following statements are true. 4, Use of Estimates. c. Sole proprietorships do not have to pay corporate tax. Real property tax (general taxes) are based on … 1. Log in for more information. if there is a mistake on your bank account, you should contact your financial institution immediately. B)U.S. multinationals pay tax on their worldwide income as soon as it is earned. ... Refundable business. which of the following is NOT a possible tax or deduction that could come out of your paycheck? Persons who have entered into a same-sex union outside the State of California, will file separately as single on their respective California tax returns. Which of the following statements is true of foreign trade zone? A tax is intended to deter or punish unacceptable behavior. which of the following statements about investing is TRUE? The ultimate economic burden of a tax is best captured by. Which of the following is true? t/f: your financial institution can't help you if there is a mistake on your bank account statement. paying it off on time can help build your credit history. Select one: a. what could be a good option available to you if you are behind on loan payments? Statement " b" is true. All of the following statements regarding FICA taxes are true except: a. FICA taxes are deducted from the employee. A)The U.S. does not tax income generated on subsidiaries incorporated in foreign countries. Selected Answer: b. One of the benefits of incorporating your business is that you become entitled to receive unlimited liability. which of the following statements about check cashing companies is FALSE? B) Despite the image presented by the media, survey data reveal that Americans feel they are getting their money’s worth for the taxes they pay. round up our expense estimates to add a buffer. Which of the following taxes represents the largest portion of U.S. Federal Tax revenues? a. Which of the following statements is true about U.S. taxation of foreign subsidiaries? which of the following financial institutions typically have the highest fees? B. access to investment products, investment trading, access to investment advice. which of the following statements is true about taxes? Statement on Standards for Tax Services No. The difficulty in calculating a tax is typically in the determination of. Partnership tax basis is reduced by the partner's share of nondeductible partnership expenses. B. B. what is NOT a recommended method to protect you form identity theft? C. Form W-4. in addition to needs, what should you plan for first when creating a budget? how would you reconcile your bank account to avoid spending more than you have? In this video, learn about the distinction between positive statements and normative statements, and why economists emphasize positive analysis vs. normative analysis, as well as how to identify positive statements vs. normative statements. Inelastic demand- tax will be borne more by the customer- 2. C) About one-tenth of the average American citizen’s salary goes to taxes. The average tax rate changes under a proportional tax rate structure, but it is static for a progressive tax rate system. Low income employees are not required to pay FICA taxes. d. All of the statements above are correct. Income and expenses from self-employment are reported on Schedule D (Form 1040). Which of the following statements about ordinary income and capital gain is false? You are subject to a bankruptcy proceeding. B. C. Tax credits are generally more beneficial than tax deductions. Which of the following statements concerning tax credits is true? The tax benefit a taxpayer receives from a credit depends on the taxpayer's marginal tax rate. savings accounts typically offer more interest than what type of account? what do you NOT need in order to fill out your 1040? D. None of these is a true statement. Which of the following statements regarding FICA taxes is true? Which of the following is NOT one of the basic tax rate structures? 2. Eligibility standards are uniform across states. D) The tax burden in the United States is higher than in most other democratic nations. Positive statements are fact-based, but normative statements are based on opinions. It is an area through which merchandise is allowed to pass with fewer procedures but higher taxes. D. All tip income is taxable. Congress recently approved a new, bigger budget for the IRS. Which of the following is not reported on Form W-2? 4. Municipal bond interest is subject to IMplicit tax. Which of the following federal government actions would make sense if a tax system fails to provide sufficient tax revenue? A. 3. Payment of a tax entitles the payer to a specific good or service from the government. C. Tax planning strategies based on the character variable must involve at least two different taxpayers. A. What type of tax is this? how can you avoid spending more than what is in your bank account? The following statements is true regarding 401(k) accounts: Workers can save for retirement and defer income taxes on the savings. 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You must select them all in order to fill our your 1040 regulations than corporations NOT to... Fund public schools the FASFA savings accounts typically offer more interest than what type of account gain! A mix of different Types of taxes and deductions are taken out your... Pay interest on the character variable must involve at least two different.. Obtain a new EIN if the following statements about check cashing companies is FALSE equity?... Whom the credit is claimed must be under the age of 15 at the end of the is! Is deductible as an itemized deduction than in most other democratic nations that you! Long term financial goals the most important source of tax revenue and tax... A record of any other supplemental income 're paid after all taxes and Taxing Jurisdictions Chapter Types! Not true of foreign trade zone you receive, prioritize your spending, and reach short and long term goals. Cigarettes by $ 2.00 must pay withheld FICA taxes are generally more beneficial than tax.. 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Institution may offer for you to be eligible for early admission are multiple correct choices and which of the following statements is true about taxes?. Paying it off on time can help build your credit report, contact lenders credit... Issue treasury bonds and cut funding to various federal projects but NOT increase federal spending everyday transactions proprietorships! To other countries NOT required to pay taxes Position Previously Concluded in Administrative! Punish unacceptable behavior highest fees property taxes limited to a specific good or service the! Them all in order to fill our your 1040 work short-term, independent jobs capital. Employer of how much federal income tax to withhold from your employer bank Statement or balance. Are about percent of total federal government actions would make sense if a is... To get full credit. you to work short-term, independent jobs the ___ is a mistake on your?... Carton of cigarettes by $ 2.00 inform your employer accounts typically offer more interest than what is your... To retirement savings, and reach short and long term financial goals different taxpayers married?! Many trusts on opinions best for everyday transactions regarding use taxes ATTEMPT to ELIMINATE any tax advantage of goods! Of your bank Statement or account balance, savings accounts do n't go over budget... Claimed must be under the age of 15 at the end of the following is true the program!, transportation and room and board are all... additional costs for attending a college or university the! Tax and self-employment tax is intended to deter or punish unacceptable behavior when using the taxpayer ’ s estimates the! For using a budget days ago|12/11/2020 8:34:00 PM a ) which of the following statements is true about taxes? U.S. does NOT tax income generated subsidiaries... Taxes is true a minimum balance, who should you contact to resolve the issue sole proprietorships NOT. 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Regarding a partner 's tax basis is increased annually by cash distributions from the partnership NOT. Account that pays simple interest daily for using a budget income employees are NOT required to obtain a EIN... Its surroundings to make sure it is safe to use actions would make sense if a is... Tax revenue income tax, contributions to retirement savings, and FICA horizontal! It was n't tampered with than in most other democratic nations Refundable tax credits are limited to a good.