Question

1.

Which of the following is not true concerning Income Tax Refunds? (1 point)

It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt.
You are essentially giving the government an interest–free loan.
It means that you are having too much deducted from your paycheck.
You haven't properly evaluated your personal tax circumstances.

2.
When claiming dependents, they must meet the following criteria EXCEPT: (1 point)

the dependent must be a relative.
the dependent must reside with you for the entire year.
the dependent must be under nineteen years of age unless he or she is a full–time student (under 24 years old).
the dependent was unable to provide over half of his or her support for the year.

3.
If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of _____. (1 point)

a credit
a holding
a deduction
an exclusion

4.
A form of taxation in which everyone pays an equal rate of taxes is called a _____. (1 point)

progressive tax
regressive tax
flat tax
net tax

5.
A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _____. (1 point)

progressive tax
regressive tax
flat tax
net tax

Answer 1

Lets see how can I help. 1. The one that is not true is It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt. That is actually something that is not beneficial at all so debt would not be consistently covered. 2.If you want to calim dependent you need at least to live for a year with the person so it would be the 2nd option. 3. You will be taking advantage of an exclusion because you are excluding your money from a tax return. 4. When everyine pays an equal rate of taxes is a flat tax(Business terms) 5. If the highest earner pays the largets percentage is called a progressive tax refering to the tax rate that progresses from low to high

Answer 2

#1) Which of the following is not true concerning Income Tax Refunds?

Answer: Out of all the options that are presented above the one that is not true concerning Tax Refunds is that It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt.

#2) When claiming dependents, they must meet the following criteria EXCEPT:

Answer: Out of all the options that are available the only one that is not a criteria that they must meet when claiming dependents is that the dependent must reside with you for the entire year.

#3) If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of _____.

Answer: Out of all the options that are presented the one that completes the statement and makes it true is an Exclusion.

#4)A form of taxation in which everyone pays an equal rate of taxes is called a _____.

Answer: Out of all the options that are presented the one that completes the statement and makes it true is Flat Tax.

#5) A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _____.

Answer: Out of all the options that are presented the one that completes the statement and makes it true is a progressive tax.

I hope it helps, Regards.