5.7 ESCAPE CAMP PF Review

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

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proportional

flat tax

progressive

Read the scenario and answer the question at the end.

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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

24 percent

10 percent

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

22 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?

Securities and Exchange Commission

US Supreme Court

Internal Revenue Service

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Which audit is where the IRS comes to the taxpayer?

office audit

correspondence audit

field audit

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

office audit

correspondence audit

field audit

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

dumb - I love taxes!

tax avoidance (legal)

tax evasion (illegal)

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local tax

Question

Which is used to fund Social Security and Medicare payments?

federal income tax

state income tax

Click on the correct tax.

local tax

Question

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

federal income tax

state income tax

Click on the correct tax.

local tax

Question

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

federal income tax

state income tax

Click on the correct tax.

Question

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

false

true

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

Medicare

Question

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

University of CA, Los Angeles (college)

Californial Highway Patrol (police)

Marco works and lives in California.

married filing jointly

married filing seperately

Question

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

single

head of household

Canaan is not married and has no dependents.

married filing jointly

married filing seperately

Question

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

single

head of household

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

married filing jointly

married filing seperately

Question

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

single

head of household

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

married filing jointly

married filing seperately

Question

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

single

head of household

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

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W4

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

1040

W2

Drag!

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

1/5

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

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

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

2/5

itemizing is always better

standard is always better

when itemized total is greater than the standard deduction

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

When is itemizing deductions better than taking the standard deduction?

3/5

true

false

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

total income

adjusted gross income

taxable income

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

3/5

car, horses, garage

car and horses

house, land, barn, horses

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

3/5

down payment

mortgage

warranty

negotiate

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

3/5

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mortgage account

Choose the correct answer to leave the forest clean.

escrow account

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?

lender account

property tax

Choose the correct answer to leave the forest clean.

real estate tax

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

ad valorem tax

false

Choose the correct answer to leave the forest clean.

true

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.

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