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