8. You are in the 25% marginal tax bracket. Then a tax credit of S 1000 will red

Question

8. You are in the 25% marginal tax bracket. Then a tax credit of S 1000 will reduce your tax bill by si a $1000 b. $150 c. $500 --9, what is FICA tax? a. b. c. A tax on investment income Another name for the marginal tax rate system A tax collected primarily to fund Social Security and Medicare 10. When you place money into a tax-defered retirement plan, a. b. c. You never have to pay tax on this money You pay tax on this money now, but not when you withdraw it later You do not pay tax on this money now, but you pay tax on money you withdraw plan later from the 11. If the U.S. government decided to pay off the federal debt by asking for an equal contribution from all U.S. citizens, you'd be asked to pay approximately b. $5400 c. $54,000 which of the following expenses is not considered a mandatory expense in the US federal budget? -12. a. National defense b. Interest on debt c. Medicare 13. Currently (up through December 2017), the majority of government spending goes to a. Mandatory expenses b. National defense c. Science and education -14. By the year 2030, the government is expected to owe several hundred billion dollars more in Social Security benefits each year than it will collect in Social Security taxes. Although all options for covering this shortfall might be politically difficult, which of the following is NOT an option even in principle? a. The shortfall could be covered by tax increases b. The shortfall could be covered by additional borrowing from the public c The shortfall could be covered by reducing the spending on educational grants When a person buys a refrigerator from a department store and must use credit to pay for it, which of the following is probably the best way to pay for the refrigerator. 15. a· credit card b. pay day loan c. store installment loan

Explanation / Answer

the answers for the questions is listed below

8-here the taxbill is reduced to $1000(option -a)

9-(option-c) a tax collected primarily to fund Social Security and Medicare

10-(option-c) you do not pay tax on this money now, but you pay tax on money you withdraw from the plan later.

12-(option-b) interst on debt

13-(option-a) mandatory expenses

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