Question: Why does an excise tax on gasoline exist? Check all that apply.

Answer: to discourage travel by automobile by making gasoline more expensive

to fund highway repairs and other special projects

Question: If an individual overpays taxes throughout the year, then after filing taxes he or she will receive

Answer: a refund.

Question: A federal income tax exists to provide revenue for

Answer: the US government.

Question: Income taxes are taxes that are paid on

Answer: any financial gain.

Question: Property taxes are collected at the level.

Answer: local

Question: Marco makes $65,000 a year as a graphic designer. He makes a charitable donation of $1,000 each year. He also has $5,000 of business-related expenses, including travel and materials.

Answer: NOT

$65,000

NOT

$64,000

Question: What percentage of federal tax revenue comes out of individuals’ paychecks?

Answer: NOT

42%

Question: Revenue from property taxes is used to fund

Answer: public schools and other services.

Question: The act of purposely failing to pay taxes is known as

Answer: tax evasion.

Question: Van and her brother Trung both own homes valued at $175,000. Both pay property taxes at 1.25% and pay annual taxes of $2,187.50. They live in different neighborhoods. Van’s property value is expected to increase by 5% next year.Trung’s property value is expected to increase by 3%.

Answer: Van’s property tax will increase.

Trung’s property tax will be less than Van’s.

Trung’s property tax will increase.