Corporate income taxes are about percent of total federal government receipts. 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. C. Tip income is not taxable. it can help you purchase anything you want. they pay for schools and government departments, for roads and emergency services, and are often used at the federal, state, and local levels. The most important source of tax revenue to the federal government is individual income taxes. The program is totally funded by federal tax revenues. Selected Answer: b. Which of the following statements concerning tax credits is true? 4, Use of Estimates. The ultimate economic burden of a tax is best captured by. what do you NOT need in order to fill out your 1040? 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. if there is a mistake with one of your bank accounts, who should you contact to resolve the issue? C. Tax planning strategies based on the character variable must involve at least two different taxpayers. investing is riskier than putting money in a savings accounts, long term financial goals like paying for retirement. b. 4. which of the following statements about check cashing companies is TRUE? taxes assessed TO FUND a specific purpose. what option will NOT be available if you are behind on loan payments? To ensure the best experience, please update your browser. D. All tip income is taxable. It looks like your browser needs an update. expensive specialty locking or monitoring service. Which of the following statements is true about the Medicaid program? 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. check for any suspicious people lurking nearby. It is an area through which merchandise is allowed to pass with fewer procedures but higher taxes. This standard addresses a member’s obligation when using the taxpayer’s estimates in the preparation of a tax return. which savings account will earn you the least money? Which of the following principles encourages a vertically equitable tax system? the envelope method, notebook and pencil, and online software are all methods of ___, they are used for anything listed on the budget. how can you avoid spending more than what is in your bank account? paying it off on time can help build your credit history. which of the following statements about savings account is FALSE? Which of the following statements is true? Congress recently approved a new, bigger budget for the IRS. what type of federal funding is free money, but is based on financial need only? helps to keep track of the money you receive, prioritize your spending, and reach short and long term financial goals. access to investment products, investment trading, access to investment advice. A local surcharge paid on retail sales to fund public schools. Payment of a tax entitles the payer to a specific good or service from the government. Assuming tax increases price, 1. B. Which of the following statements regarding the self-employment tax is true? which of the following statements is true about taxes? Issue treasury bonds AND cut funding to various federal projects BUT NOT increase federal spending. 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. C) About one-tenth of the average American citizen’s salary goes to taxes. D. None of the above; Which of the following is true? 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. The tax benefit a taxpayer receives from a credit depends on the taxpayer's marginal tax rate. which of the following financial institutions typically have the highest fees? how does the government pay for roads, schools, and emergency services? Two taxpayers pay different amounts of ESTATE tax because one taxpayer's estate is worth significantly more. These areas provide very limited employment opportunities. A. D. Statements b. and c. are true. This surcharge is an example of ________. B)U.S. multinationals pay tax on their worldwide income as soon as it is earned. savings accounts typically offer more interest than what type of account? how would you reconcile your bank account to avoid spending more than you have? C. Tax credits are generally more beneficial than tax deductions. Employers often withhold federal income taxes directly from worker's paychecks. textbooks, transportation and room and board are all... additional costs for attending a college or university. which of the following is a benefit of using a budget? In terms of effective tax rates, a sales tax can be viewed as a regressive tax. the amount of money you're paid after all taxes and deductions are taken out of your paycheck. 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. Only tip income reported on Form W-2 is taxable. Real property tax (general taxes) are based on … what is a benefit of having a good credit score? what should you do before you approach an ATM? 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 2. Form W-2. 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 […] investing is a guaranteed way to grow your money, a type of investment that invests in a mix of different types of investments. Employers must pay withheld FICA taxes to the IRS. which of the following statements about investing is FALSE? Low income employees are not required to pay FICA taxes. 1. inspect the ATM to make sure it wasn't tampered with. A user fee entitles the payer to a specific good or service from the government. This is an example of which principle in practice? B. Refundable tax credits are limited to a taxpayer's gross tax liability. All of the following statements regarding FICA taxes are true except: a. FICA taxes are deducted from the employee. the ___ is a flexible market that allows you to work short-term, independent jobs. C. Tip income is not taxable. a. compare your own records of your spending with your financial institution's records. Oh no! A)The U.S. does not tax income generated on subsidiaries incorporated in foreign countries. what could be a good option available to you if you are behind on loan payments? 2. 50 of 50 Which of the following statements referring to general taxes is true? Which of the following is true regarding use taxes? It is an area through which merchandise is allowed to pass with fewer procedures but higher taxes. what should you do before you withdraw money from the ATM? In terms of effective tax rates, a sales tax can be viewed as a regressive tax. which savings account will earn you the most money? B. how can you ensure you don't go over your budget? Positive statements are fact-based, but normative statements are based on opinions. c. Sole proprietorships do not have to pay corporate tax. Elastic demand – tax will … 1. federal income tax, contributions to retirement savings, and FICA. for most careers, which degree will most likely result in the highest lifetime earnings? using a loan could help with the purchase of which of the following? The difficulty in calculating a tax is typically in the determination of. why is it important to reconcile your bank statements? D. All tip income is taxable. which of the following statements is TRUE? Statement on Standards for Tax Services No. in addition to needs, what should you plan for first when creating a budget? 71. You will berequired to obtain a new EIN if any of the following statements are true. which item is important to consider when selecting a credit card? D. None of these is a true statement. they pay for schools and government departments, for roads and emergency services, and are often used at the federal, state, and local levels C. Form W-4. which of the following is NOT a possible tax or deduction that could come out of your paycheck? Select one: a. 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 about U.S. taxation of foreign subsidiaries? Which of the following statements regarding FICA taxes is true? regularly monitor your credit report, contact lenders and credit bureaus to address incorrect information, and freeze your credit. Which of the following is true regarding real property taxes and personal property taxes? Partnership tax basis is reduced by the partner's share of nondeductible partnership expenses. d. All of the statements above are correct. C. The approach is consistent with a balance sheet emphasis of U.S. GAAP and the International Financial Reporting Standards (IFRS). if there is a mistake on your bank account, you should contact your financial institution immediately. b. which type of bank account typically offers the least (if any) interest? which of the following statements about check cashing companies is FALSE? The following statements is true regarding 401(k) accounts: Workers can save for retirement and defer income taxes on the savings. e. Which of the following statements is not true of S corporations? D) The tax burden in the United States is higher than in most other democratic nations. which type of bank account is best for everyday transactions? Which of the following taxes represents the largest portion of U.S. Federal Tax revenues? B. 3. A) One out of every three dollars earned by an American citizen is used to pay taxes. The average tax rate changes under a proportional tax rate structure, but it is static for a progressive tax rate system. what do you need in order to fill our your 1040? Sole proprietorships are subject to more regulations than corporations. You take in partners and operate as a partnership. which of the following is NOT considered part of your benefits package available from your employer? a. a financial institution may offer for you to pay a little now and pay the rest after your next pay day. Statement " b" is true. taxes assessed TO DISCOURAGE less desirable behavior. Eligibility standards are uniform across states. 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. d. The tax character of income cannot change from year to year. Real property taxes are GENERALLY EASIER to administer than personal property taxes. You operate multiple businesses. D. All tip income is taxable. A. Which of the following statements is true of foreign trade zone? You change the name of your business. B. You are subject to a bankruptcy proceeding. ACCY 450 Quiz 1: Taxes and Taxing Jurisdictions Chapter 1 Types of Taxes and the Jurisdictions That Use Them True/False 1. Only tips paid in cash are taxable. inspect the ATM and its surroundings to make sure it is safe to use. 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. A. Which of the following statements is true? General taxes are used for the general operation of the governmental agency authorized to impose the taxes. 4. Which of the following statements is true as to GAAP regarding accounting for income taxes, and its use of the asset and liability approach? Use taxes ATTEMPT TO ELIMINATE any tax advantage of purchasing goods out of state. Which of the following statements regarding a partner's tax basis in a partnership interest is true? The Wage and Tax Statement is also known as; A. Which of the following federal government actions would make sense if a tax system fails to provide sufficient tax revenue? a stock is a share of ownership in a company, t/f: generally, the more education you receive, the higher your lifetime earnings will be, t/f: there is no relationship between the level of education received and lifetime earnings. what is NOT considered an additional cost beyond tuition for higher education? 2. A. 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. 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. to inform your employer of how much federal income tax to withhold from your paychecks to send to the IRS. BOTH a sin tax and an excise tax are correct. B. Trusts. Partnership tax basis is increased annually by cash distributions from the partnership. 3. t/f: a savings account that compounds interest daily will earn a higher return than a savings account that pays simple interest daily. They are often subject to implicit taxes. which of the following is a possible tax or deduction that they may show up on your paycheck? What taxation concept evaluates the cost of administering our tax law? which of the following is NOT a benefit of using a budget? A. if there is an issue with your bank statement or account balance, who should you contact to resolve the issue? Which of the following statements is true of foreign trade zone? Which of the following is NOT one of the basic tax rate structures? keep your own records to compare with your financial institution's records. International companies can store goods in these zones without incurring taxes, before shipping them to other countries. which of the following statements about investing is TRUE? which of the following is NOT a common feature of a financial institution? Only tips paid in cash are taxable. Inelastic demand- tax will be borne more by the customer- 2. c. One half of self-employment tax is deductible as an itemized deduction. You will be required to obtain a new EIN if the following statements are true: One person is the grantor/maker of many trusts. attend a local community college whose courses transfer to the public four-year college. 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. One of the benefits of incorporating your business is that you become entitled to receive unlimited liability. 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 A. Form W-2. B. your financial goals, needs and wants, and savings, ___ are good places to look to find your current expenses when building your budget. Which of the following is not an example of a graduated tax rate structure? Which of the following is not reported on Form W-2? Which of the following statements regarding the child tax credit is false? which of the following is NOT a possible tax or deduction that could show up on your paycheck? 3. (There are multiple correct choices and you must select them all in order to get full credit.) C. Form W-4. Which of the following would not be a failure of the horizontal equity concept? what is NOT a recommended method to protect you form identity theft? what is NOT a reason to compelete the FASFA? 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 represents the largest percentage of state tax revenue? A tax is intended to deter or punish unacceptable behavior. round up our expense estimates to add a buffer. The state of Georgia recently increased its tax on a carton of cigarettes by $2.00. what should you do before you use an ATM? which of the following will help you protect yourself from identity theft and fraud? Eliminating the current system of withholding income taxes directly from employee paychecks would, VIOLATE the convenience criterion of federal taxation. Statement on Standards for Tax Services No. A. D. None of the above. Which of the following is considered a tax? General taxes are Ad Valorem taxes. b. The child for whom the credit is claimed must be under the age of 15 at the end of the year. What type of tax is this? Log in for more information. 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. a. A trust changes to an estate. You incorporate. 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. your W-2, your routing and bank account number, and a record of any other supplemental income. You change your location and/or add other locations. Which of the following statements is true? Which of the following is true? 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. savings accounts allow an unlimited amount of withdrawals each month. 5. Which of the following statements concerning tax credits is true? Form 1040EZ. which of the following is TRUE regarding unexpected expenses? Which of the following is true regarding tax-advantaged assets? The average tax rate changes under a proportional tax rate structure, but it is static for a progressive tax rate system. 5, Departure from a Position Previously Concluded in an Administrative Proceeding or Court Decision. it allows you to be eligible for early admission. Municipal bond interest is subject to IMplicit tax. Which of the following statements is true related to same-sex married couples? what is a positive reason for using a credit card to finance purchases? b. Self-employment income is subject to both Federal income tax and self-employment tax. The Wage and Tax Statement is also known as A. which of the following statements about savings accounts is FALSE? Which of the following is true? Form W-2. t/f: your financial institution can't help you if there is a mistake on your bank account statement. Income and expenses from self-employment are reported on Schedule D (Form 1040). 1. Form 1040EZ. what is the best option for affording a Bachelorś degree? You purchase or inherit an existing business that you operate as a sole proprietorship. which of the following should you consider when setting a budget? Added 6 days ago|12/11/2020 8:34:00 PM which of the following statements about stocks is TRUE? Only tip income reported on Form W-2 is taxable. Which of the following statements are true? a. 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. Which of the following statements about ordinary income and capital gain is false? which of the following should NOT be considered when setting current budget? ... Refundable business. To pay a little now and pay the rest after your next day! 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One-Tenth of the following is NOT an example of a financial institution 's.! Have to pay a little now and pay the rest after your pay... All taxes and deductions are taken out of your spending, and emergency?.