multiple choice circle the letter next to the correct answer.
17. which of the following is most likely to need the help of a tax professional?
a. salaried workers c. college graduates
b. minimum - wage workers d. self - employed people
18. only a few states have inheritance tax, which...
a. is a tax on land, homes, and business property thats paid every year c. is paid if you sell an inherited gift, like a house
b. requires you to pay tax on an asset you receive when someone passes away d. is applied to a gift over $15,000
19. net income is also called your ______.
a. gross income c. discretionary spending
b. fiscal year d. take - home pay
20. when you pay taxes on a purchase, the seller gets to keep that money.
a. true b. false
21. you can produce ______ by buying and selling stocks, bonds, mutual funds, and real estate.
a. a large income c. hsas
b. tax deductions d. portfolio/investment income
22. those who properly fill out their form w - 4 shouldnt have too much or too little taxes withheld.
a. true b. false
23. using online tax software or hiring a tax professional are both good options depending on your situation.
a. true b. false
24. wealth taxes are often dependent on ______, so its a good idea to understand the tax rules ______.
a. your community; of your neighborhood c. where you live; in your state
b. if you went to trade school; in your particular field of study d. your age; for your generation

Question

multiple choice circle the letter next to the correct answer.
17. which of the following is most likely to need the help of a tax professional?
a. salaried workers  c. college graduates
b. minimum - wage workers  d. self - employed people
18. only a few states have inheritance tax, which...
a. is a tax on land, homes, and business property thats paid every year  c. is paid if you sell an inherited gift, like a house
b. requires you to pay tax on an asset you receive when someone passes away  d. is applied to a gift over $15,000
19. net income is also called your ______.
a. gross income  c. discretionary spending
b. fiscal year  d. take - home pay
20. when you pay taxes on a purchase, the seller gets to keep that money.
a. true  b. false
21. you can produce ______ by buying and selling stocks, bonds, mutual funds, and real estate.
a. a large income  c. hsas
b. tax deductions  d. portfolio/investment income
22. those who properly fill out their form w - 4 shouldnt have too much or too little taxes withheld.
a. true  b. false
23. using online tax software or hiring a tax professional are both good options depending on your situation.
a. true  b. false
24. wealth taxes are often dependent on ______, so its a good idea to understand the tax rules ______.
a. your community; of your neighborhood  c. where you live; in your state
b. if you went to trade school; in your particular field of study  d. your age; for your generation

Accepted Answer

### Question 17
# Brief Explanations:
Self - employed people have more complex tax situations (e.g., different deductions, reporting requirements) compared to salaried, minimum - wage workers or college graduates, so they are more likely to need a tax professional.
# Answer:
D. Self - employed people

### Question 18
# Brief Explanations:
Inheritance tax is a tax on assets received when someone dies. Option A describes property tax, C describes capital gains tax on inherited property, D describes gift tax. So B is correct.
# Answer:
B. Requires you to pay tax on an asset you receive when someone passes away

### Question 19
# Brief Explanations:
Net income is the amount of money you take home after taxes and deductions, which is also called take - home pay. Gross income is before deductions, fiscal year is a time period, and discretionary spending is money left after necessities.
# Answer:
D. Take - home pay

### Question 20
# Brief Explanations:
When you pay sales tax on a purchase, the seller collects it and remits it to the government, they don't keep it. So the statement is false.
# Answer:
B. False

### Question 21
# Brief Explanations:
Buying and selling stocks, bonds, mutual funds, and real estate is how you generate portfolio/investment income. A large income is too vague, tax deductions are reductions in taxable income, and HSAs are health savings accounts.
# Answer:
D. Portfolio/investment income

### Question 22
# Brief Explanations:
Form W - 4 is used to determine tax withholding. Properly filling it out helps ensure the right amount of tax is withheld, so you don't have too much or too little. So the statement is true.
# Answer:
A. True

### Question 23
# Brief Explanations:
Depending on your tax situation (complexity, knowledge, etc.), using online tax software (for simpler cases) or hiring a tax professional (for complex cases) can both be good options. So the statement is true.
# Answer:
A. True

### Question 24
# Brief Explanations:
Wealth taxes often vary by location (state), so where you live affects it and you should understand your state's tax rules. Community, trade school, or age don't relate to wealth tax in this way.
# Answer:
C. Where you live; in your state

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