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Income Tax (Grade 9)

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Income Tax

The first federal income tax was passed to help pay for which war?
  1. Civil War
  2. World War II
  3. War of 1812
  4. Spanish-American War
Which constitutional amendment, ratified in 1913, gave Congress the explicit ability to levy a tax on income?
  1. 12th
  2. 16th
  3. 20th
  4. 24th
Temperance groups saw income tax as a way to make up for the loss in revenue from alcohol taxes.
  1. True
  2. False
Income tax is a regressive tax.
  1. True
  2. False
What are the features of a progressive income tax?

The first income tax had a rate of 1% on individuals with an annual income of $3,000.
  1. True
  2. False
The highest tax rate,                 percent on incomes over 5 million dollars, occurred during World War II.
  1. 45
  2. 75
  3. 81
  4. 94
In 2012, the top 1% highest earners paid 60% of the federal income tax.
  1. True
  2. False
Federal income tax is collected by which agency?

Progressive income taxes can help reduce income inequality.
  1. True
  2. False
A tax deduction is the amount withheld from an individual's paycheck.
  1. True
  2. False
Business expenses are deductible.
  1. True
  2. False
Gross income includes interest on municipal bonds.
  1. True
  2. False
The Tax Cuts and Jobs Act of 2017 eliminated personal exemptions.
  1. True
  2. False
What is the standard deduction?

What are capital gains?
  1. a tax refund
  2. business profits
  3. interest earned on retirement accounts
  4. profit made from the sale of stocks, bonds, or real estate
Long term capital gains are taxed at a lower rate than short term ones.
  1. True
  2. False
Credits may not be used to reduce the alternative minimum tax.
  1. True
  2. False
Taxpayers must pay the greater of either their standard taxes or the alternative minimum tax.
  1. True
  2. False
What are three types of credits a taxpayer may receive?

A tax credit is an amount that can be used to reduce the amount owed on the next year's tax return.
  1. True
  2. False

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