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Margaret was issued a $150 speeding ticket. This is: A tax because it is imposed by a government agency A tax because payment is required by law A tax because the payment is not related to any specific benefit received from the government agency collecting the ticket Not a tax because Margaret could have avoided payment if she did not speed Not a tax because it is considered a fine intended to punish illegal behavior

See LO 2

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Which of the following is not one of the basic tax rate structures? All of these are different kinds of the basic tax rate structures Equitable Regressive Proportional Progressive See LO 3

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Sin taxes are: Taxes assessed on certain illegal acts Taxes assessed by religious organizations None of these Taxes assessed to fund a specific purpose


See LO 2

Taxes assessed to discourage less desirable behavior

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To calculate a tax, you need to know: I. the tax base II. the taxing agency III. the tax rate IV. the purpose of the tax Only III is correct Items I through IV are correct Only IV is correct Only I is correct I and III are correct

See LO 3

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Marc, a single taxpayer earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate schedule for year 2013, how much federal tax will he owe? rev: 08_14_2013_QC_33702 $12,375.00 $15,000.00 None of these $9,503.00 $10,928.75

$10,928.75 = 4,991.25 + .25(60,000 - 36,250)

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The state of Georgia recently increased its tax on a carton of cigarettes by $2.00. What type of tax is this?

An excise tax Both a sin tax and an excise tax are correct A sin tax None of these is correct It is not a tax; it is a fine See LO 2 and 4

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Which of the following is false? None of these A proportional tax rate structure imposes a constant tax rate while a progressive tax rate structure imposes an increasing marginal rate related to the tax base An example of a proportional tax is the tax on gasoline The average tax rate changes under a proportional tax rate structure, but it is static for a progressive tax rate system An example of a progressive tax is the federal tax on gifts See LO 3

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The concept of tax sufficiency:

All of these None of these Suggests that a government should estimate how taxpayers will respond to changes in the current tax structure Suggests that a government should consider the income and substitution effects when changing tax rates Suggests the need for tax forecasting

See LO 5

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Employers often withhold federal income taxes directly from worker's paychecks. This is an example of which principle in practice? Certainty Equity Convenience None of these Economy See LO 5

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If Susie earns $750,000 in taxable income and files as head of household for year 2013, what is Susie's average tax rate (rounded)?

33.35% 33.97% None of these 39.60% 35.00%

[121,394.50 + .396(750,000 - 425,000)]/750,000 = 33.35%