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