5.7 ESCAPE CAMP PF Review

ESCAPE CAMP

Escape the Camp while reviewing for the 5.7 quiz in Personal Finance.

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Read the scenario and answer the question at the end.

progressive

flat tax

proportional

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Cole had $74,000 of taxable income in 2022. What is Cole's marginal tax rate?

10 percent on taxable income of $10,275 12 percent on taxable income of $10,276 to $41,775 22 percent on taxable income of $41,776 to $89,075 24 percent on taxable income of $89,076 to $170,050

22 percent

10 percent

24 percent

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Which agency of the federal government has stated that "all revenue from whatever source derived' is to be reported on an individual's tax return?

US Supreme Court

Securities and Exchange Commission

Internal Revenue Service

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Which audit is where the IRS comes to the taxpayer?

field audit

correspondence audit

office audit

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Which audit is where the taxpayer goes to the IRS location?

field audit

correspondence audit

office audit

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Claiming credit for which you qualify AND taking advantage of deductions for which you qualify is?

tax evasion (illegal)

tax avoidance (legal)

dumb - I love taxes!

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Click on the correct tax.

local tax

federal income tax

state income tax

Question

Which is used to fund Social Security and Medicare payments?

Click on the correct tax.

local tax

federal income tax

state income tax

Question

Which is used to fund state police, prisons, and colleges?

Click on the correct tax.

local tax

federal income tax

state income tax

Question

Which is used to fund schools, libraries, and parks?

Maryanne works as a regional director for a bank. She earns $95,000 per year. Is the statement below true about her FEDERAL taxes?

true

false

Question

Her tax rate would be lower in Alabama rather than California.

Marco works and lives in California.

University of CA, Los Angeles (college)

Californial Highway Patrol (police)

Question

Which of the following are NOT paid for with Marco's state taxes?

Medicare

Canaan is not married and has no dependents.

married filing jointly

head of household

single

Question

Which is the best filing status for the person(s)above?

married filing seperately

Pat and Jerry are married, both are employed, and they file together on one return.

married filing jointly

head of household

single

Question

Which is the best filing status for the person(s) above?

married filing seperately

Edward and Eugenia are married, both are employed, and each files their own tax return.

married filing jointly

head of household

single

Question

Which is the best filing status for the person(s) above?

married filing seperately

Lynn is not married and has a dependent college-aged child.

married filing jointly

head of household

single

Question

Which is the best filing status for the person(s) above?

married filing seperately

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Drag the light around to find the correct answer then click.

Which form do you use to file taxes with the IRS each year?

W4

W2

1/5

1040

Drag!

Which of the scenarios below would lower Jorge's tax bill the MOST?

$2,000 education credit which will bring down his tax amount due by $2,000 (dollar for dollar)

2/5

$4,000 of deductions that will lower his taxable income and save him 22% tax on the $4,000.

When is itemizing deductions better than taking the standard deduction?

standard is always better

when itemized total is greater than the standard deduction

3/5

itemizing is always better

when you are young, you don't have anything to itemize

Two education tax credits are LLC for college-aged students and AOTC for the first four years of college students after high school time and are taken by parents with dependent children?

3/5

false

true

Income before any adjustments, deductions, or credits is called?

adjusted gross income

total income

3/5

taxable income

Personal property examples - (TIP: you are looking for personal property, not REAL property that doesn't move.)

house, land, barn, horses

3/5

car, horses, garage

car and horses

What is it called when you come to an agreement with the salesperson on the cost of something ?

negotiate

3/5

mortgage

warranty

down payment

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Calvin pays real estate taxes and insurance as part of his mortgage loan. What is the account called that the bank holds this in until payment is due?

Choose the correct answer to leave the forest clean.

escrow account

lender account

mortgage account

Some taxes are assessed based on the value of the item - for example, sales tax on goods. What is this type of tax called?

Choose the correct answer to leave the forest clean.

real estate tax

ad valorem tax

property tax

SAVERS CREDIT is a very smart idea! Up to 50% of the amount contributed to the retirement account can be returned via the credit to reduce the tax liability.

Choose the correct answer to leave the forest clean.

false

true

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