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Taxes I
Test Description: Fuhrms - Taxes
Instructions: Answer all questions to get your test result.
1) Ben worked 42 hours last week. His pay rate is $10.00 per hour. What was his gross income for the week?
A
$430
B
$420
C
$440
D
$410
2) Jenna wants to buy a $250 phone accessory that is on sale for 20% off. The accessory is subject to 6% sales tax. What will the total cost of the item be?
A
$265.00
B
$212.00
C
$185.50
D
$250.00
3) Kat bought new shoes for $55.00, jeans for $29.99, and a new blouse for $27.79. Sales tax in New Jersey is 7 percent. What was the total charge for her purchases?
A
$112.78
B
$120.67
C
$116.63
D
$118.58
4) Corey earns $12 per hour at his job. He is paid every week (pay period). Last week he worked 56 hours. What is his gross pay for the pay period?
A
$768
B
$736
C
$672
D
$720
5) Mike earns $39,000 per year. He is paid every 2 weeks (pay period). What is his gross pay for the pay period?
A
$3,250
B
$1,500
C
$750
D
$1,625
6) Francesca earns $39,000 per year. She is paid twice a month (pay period). What is his gross pay for the pay period?
A
$1,625
B
$1,500
C
$3,250
D
$750
7) A salesperson receives a base salary of $14,400 per year plus commissions of 5 percent on each sale. Total sales for the month were $10,000. How much is the salesperson gross pay for the month?
A
$1.700
B
$11,200
C
$1,200
D
$14,400
8) Joe wants to buy a skateboard but he doesn't know if he has enough money. The price of the skateboard is $85 and the sales tax is 7%. What will be the total cost of the skateboard?
A
$90.95
B
$5.95
C
$110.50
D
$59.50
9) Michael is buying a computer that normally sells for $800. The store is having a 20% sales and the sales tax in his state is 6%. What will be the total cost of the computer?
A
$640.82
B
$678.40
C
$870.00
D
$943.40
10) You live in a home with a market value of $160,000 and an assessed value of $140,000 and the property tax rate is 1.75% annually. What did you pay in property taxes for the year?
A
$2,800
B
$2,450
C
$245
D
$280
11) A property tax is based on the property’s
A
original cost
B
re-sale value
C
assessed value
D
market value
12) The government agency responsible for collecting federal taxes is the:
A
Internal Revenue Service
B
Social Security Office
C
United States Congress
D
The Justice System
13) Which of the following is earned income?
A
dividends
B
interest earnings
C
lottery winnings
D
commissions
14) You purchased $96 in gasoline which was 32 gallons at $3.00 per gallon. The $3.00 rate includes $0.479 in excise taxes. Next week, the price per gallon dropped to $2.00 per gallon so the 32 gallons only cost $64. What effect did the price drop have
A
The amount of excise taxes decreased.
B
The amount of excise taxes remained the same but the sales taxes decreased.
C
The amount of excise taxes remained the same.
D
The amount of excise taxes increased.
*select an answer for all questions
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