Question

Im just looking for someone to check my answers for me. if you could tell me if im right or wrong or steer me in the right direction if im wrong id appreciate it. gold medal

Answer 1

1.
Which of the following is not true concerning Income Tax Refunds? (1 point)

It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt.*
You are essentially giving the government an interest–free loan.
It means that you are having too much deducted from your paycheck.
You haven't properly evaluated your personal tax circumstances.

2.
When claiming dependents, they must meet the following criteria EXCEPT: (1 point)

the dependent must be a relative.
the dependent must reside with you for the entire year.
the dependent must be under nineteen years of age unless he or she is a full–time student (under 24 years old).*
the dependent was unable to provide over half of his or her support for the year.

3.
If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of _____. (1 point)

a credit*
a holding
a deduction
an exclusion

4.
A form of taxation in which everyone pays an equal rate of taxes is called a _____. (1 point)

progressive tax
regressive tax
flat tax
net tax

5.
A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _____. (1 point)

progressive tax
regressive tax
flat tax*
net tax

6.
A form of taxation in which the lowest income earners pay the largest percentage of taxes is called a _____. (1 point)

progressive tax
regressive tax*
flat tax
net tax

7.
Which of the following is not considered part of your gross income? (1 point)

Everything of value you received during the year
Bartered goods and services*
Everything of value of that you received from April 15th to December 31st
Money you win on a game show

8.
Which of the following is not true about your adjusted gross income? (1 point)

It is your income minus deductions
It is your income plus your deductions*
It determines whether you are eligible for additional tax breaks
It is your gross income minus deductions

9.
Which of the following is true about standard deductions? (1 point)

They are tax breaks that you can claim without having to itemize
They are listed just above the total taxable income on the 1040 tax form
They reduce your tax bill rather than your taxable income*
You must itemize in order to take advantage of this deduction

10.
A dollar–for–dollar reduction in your tax payment is called a _____. (1 point)

deduction
flat tax
credit*
debit

Answer 2

1. correct
2. the answer is B. the dependent must reside with you for the entire year.
3. the answer is D. an exclusion
4. C. flat tax
5. A. progressive tax
6. correct
7. correct
8. correct
9. the answer is A. They are tax breaks that you can claim without having to itemize
10. correct

Answer 3

terezi is right.

1. Which of the following is not true concerning Income Tax Refunds? (1 point)
Correct answer (1 pt) It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt.
Unselected answer (0 pts) You are essentially giving the government an interest–free loan.
Unselected answer (0 pts) It means that you are having too much deducted from your paycheck.
Unselected answer (0 pts) You haven't properly evaluated your personal tax circumstances.
1 /1 point
2. When claiming dependents, they must meet the following criteria EXCEPT: (1 point)
Unselected answer (0 pts) the dependent must be a relative.
Correct answer (1 pt) the dependent must reside with you for the entire year.
Unselected answer (0 pts) the dependent must be under nineteen years of age unless he or she is a full–time student (under 24 years old).
Unselected answer (0 pts) the dependent was unable to provide over half of his or her support for the year.
1 /1 point
3. If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of _____. (1 point)
Unselected answer (0 pts) a credit
Unselected answer (0 pts) withholding
Unselected answer (0 pts) a deduction
Correct answer (1 pt) an exclusion
1 /1 point
4. A form of taxation in which everyone pays an equal rate of taxes is called a _____. (1 point)
Unselected answer (0 pts) progressive tax
Unselected answer (0 pts) regressive tax
Correct answer (1 pt) flat tax
Unselected answer (0 pts) net tax
1 /1 point
5. A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _____. (1 point)
Correct answer (1 pt) progressive tax
Unselected answer (0 pts) regressive tax
Unselected answer (0 pts) flat tax
Unselected answer (0 pts) net tax
1 /1 point
6. A form of taxation in which the lowest income earners pay the largest percentage of taxes is called a _____. (1 point)
Unselected answer (0 pts) progressive tax
Correct answer (1 pt) regressive tax
Unselected answer (0 pts) flat tax
Unselected answer (0 pts) net tax
1 /1 point
7. Which of the following is not considered part of your gross income? (1 point)
Unselected answer (0 pts) interest from bank accounts
Correct answer (1 pt) the amount you receive in your paycheck
Unselected answer (0 pts) your salary
Unselected answer (0 pts) Money you win playing poker
1 /1 point
8. Which of the following is not true about your adjusted gross income? (1 point)
Unselected answer (0 pts) It is your income minus deductions
Correct answer (1 pt) It is your income plus your deductions
Unselected answer (0 pts) It determines whether you are eligible for additional tax breaks
Unselected answer (0 pts) It is your gross income minus deductions
1 /1 point
9. Which of the following is true about standard deductions? (1 point)
Correct answer (1 pt) They are tax breaks that you can claim without having to itemize
Unselected answer (0 pts) They are listed just above the total taxable income on the 1040 tax form
Unselected answer (0 pts) They reduce your tax bill rather than your taxable income
Unselected answer (0 pts) You must itemize in order to take advantage of this deduction
1 /1 point
10. A dollar–for–dollar reduction in your tax payment is called a _____. (1 point)
Unselected answer (0 pts) deduction
Unselected answer (0 pts) flat tax
Correct answer (1 pt) credit
Unselected answer (0 pts) debit
1 /1 point