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Income Tax (Grade 9)

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Income Tax

1. 
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
2. 
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
3. 
Temperance groups saw income tax as a way to make up for the loss in revenue from alcohol taxes.
  1. True
  2. False
4. 
Income tax is a regressive tax.
  1. True
  2. False
5. 
What are the features of a progressive income tax?



6. 
The first income tax had a rate of 1% on individuals with an annual income of $3,000.
  1. True
  2. False
7. 
The highest tax rate,                 percent on incomes over 5 million dollars, occurred during World War II.
  1. 45
  2. 75
  3. 81
  4. 94
8. 
In 2012, the top 1% highest earners paid 60% of the federal income tax.
  1. True
  2. False
9. 
Federal income tax is collected by which agency?



10. 
Progressive income taxes can help reduce income inequality.
  1. True
  2. False
11. 
A tax deduction is the amount withheld from an individual's paycheck.
  1. True
  2. False
12. 
Business expenses are deductible.
  1. True
  2. False
13. 
Gross income includes interest on municipal bonds.
  1. True
  2. False
14. 
The Tax Cuts and Jobs Act of 2017 eliminated personal exemptions.
  1. True
  2. False
15. 
What is the standard deduction?



16. 
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
17. 
Long term capital gains are taxed at a lower rate than short term ones.
  1. True
  2. False
18. 
Credits may not be used to reduce the alternative minimum tax.
  1. True
  2. False
19. 
Taxpayers must pay the greater of either their standard taxes or the alternative minimum tax.
  1. True
  2. False
20. 
What are three types of credits a taxpayer may receive?



21. 
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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