The Econ4U Taxes Quiz

How many states impose taxes on inherited money?

0
5
20
47
Please select an answer.

If you fill out the EZ form for your federal income taxes, which of the following can you still deduct?

Home mortgage interest
Student loan interest
Charitable contributions
None of the above
Please select an answer.

In total, how long do Americans spend doing their taxes each year?

500 million hours
4 billion hours
6 billion hours
8 billion hours
Please select an answer.

How many pages are there in the United States tax code?

1,500
15,000
30,000
60,000
Please select an answer.

How many states don't have a sales tax?

0
5
9
15
Please select an answer.

Which of the following pairs of United States Presidents cut taxes the most?

John F. Kennedy and Ronald Reagan
George H. W. Bush and George W. Bush
Jimmy Carter and Bill Clinton
Richard Nixon and Gerald Ford
Please select an answer.

How many states today have no income tax?

0
9
15
35
Please select an answer.

What percent of Americans who file tax returns actually pay no federal income taxes?

0%
8%
16%
36%
Please select an answer.

How much would you have to earn a year to be in the top 25% of all earners?

$50,000
$67,000
$118,000
$312,000
Please select an answer.

Who sets income tax rates?

Congress
The President
The Federal Reserve
The Internal Revenue Service (IRS)
Please select an answer.

What was the highest federal income tax rate in 1960?

26%
35%
72%
91%
Please select an answer.

Which of the following is deductible from your federal income taxes?

Credit card interest
Home mortgage interest
Rent
All of the above
Please select an answer.

What percent of all federal income taxes is paid by the top 1% of American earners?

Less than 1%
7%
25%
40%
Please select an answer.

If you pay $1,000 in credit-card interest this year, how much of it is deductible when you file your federal income tax return?

$0
$280
$500
$1,000
Please select an answer.