Exam 4: Planning Your Tax Strategy

Itemized deductions are recorded on:

To minimize taxes owed,you should do the following if you expect to have a higher tax rate next year:

Which type of tax is imposed on specific goods and services,such as gasoline and cigarettes,at the time of purchase?

Earnings from a limited partnership would be an example of ________ income.

The state of Oklahoma imposes a tax of $.17 per gallon on gasoline.What type of tax is this most likely to be?

For 2018,which form would a married individual with less than $100,000 in taxable income use to file his federal income tax return?

Joan Sanchez is single and earns $40,000 in taxable income.She uses the following tax rate schedule to calculate the taxes she owes. What is Joan's marginal tax rate?

The tax on $2,000 of profit on a capital asset is deferred. A person in a 24 percent tax bracket will have to pay what amount of taxes when the asset is sold?

George Washburn had earnings from his salary of $32,000,interest on savings of $200,a contribution to a traditional individual retirement account of $1,200,and dividends from mutual funds of $125.George's adjusted gross income would be:

What are the advantages of a 401(K)?

Tax evasion is the use of illegal actions to reduce one's taxes.

A taxable investment produced interest earnings of $1,200.A person in a 22 percent tax bracket would have after-tax earnings of:

Money received by an individual for personal effort is classified as ________ income.

A tax ________ is an amount subtracted directly from the amount of taxes owed.

A taxpayer with a taxable income of $45,328 and a total tax bill of $5,911 would have an average tax rate of ________ percent.

A person's filing status is affected by marital status and dependents.

A ________ allows a taxpayer to put pre-tax dollars into an employer-sponsored program to cover medical expenses or child care costs.

Haley Thomas has adjusted gross income of $40,000.She paid $4,700 in property taxes during the year.How much of the tax can she include as an itemized deduction?

A tax on the value of automobiles,boats,or furniture is referred to as:

The ________ property tax is based on the value of land and buildings.