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Quiz 2
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Q.1
Below are the deductions allowed to a tax payer EXCEPT:
Personal relief
Children relief
Zakat
EPF and LIP
Q.2
Income that has not been worked for such as interest, dividends, or gambling winnings
disposable income
unearned income
earned income
workers compensation
Q.3
Kim chargeable income is RM36,Calculate his tax amount.
RM132
RM900
RM1,200
RM1,332
Q.4
Social security is the tax that pays for medical insurance for older adults.
True
False
Q.5
Tax deductions are calculated as a percentage of net pay.
True
False
Q.6
A non resident Indian is not liable to pay tax on his income received in India.
True
False
Q.7
Maximum deduction for EPF and LIP contributions is limited to __________.
RM4,000
RM 5,000
RM6,000
RM7,000
Q.8
IT ACT came in to the force since first April
True
False
Q.9
LPG subsidy received by an Individual in included in his income
True
False
Q.10
There is no relation of the residential status of individual to his citizenship.
True
False
Q.11
How do you calculate rate of tax?
Gross Income - Net Tax
Gross Tax - Tax Credits
(Gross Income) x (Rate of Tax)
Gross Tax ÷ Gross Income
Q.12
Parliament has the power to levy tax on incomes other than
(a) Exempt Incomes
(b) Income of poor people
(c) Agricultural Income
(d) All incomes are taxable
Q.13
Vickie makes $40,annually. If she paysin income tax, what is the amount of income tax she will pay?
8000
80000
2000
1200
Q.14
Peter is a college professor. His annual salary is $112, If he has to payincome tax what is the amount of tax he will pay?
30000
28000
25000
22000
Q.15
Noah is a lawyer. Last year he made $92, If he has to payin income tax what is the amount of income tax he has to pay?
2024
22000
20240
2000
Q.16
Single, Married Filing Joint, and Head of the Household are all examples of___ on a tax return.
filing status
standard deductions
itemized deductions
dependents
Q.17
Which form is used to report an employees earnings and taxes paid in a year?
W-2
W-4
I-9
1040
Q.18
What government department collects personal income tax?
Federal Government
IRS
Social Security Division
Congress
Q.19
What are the four most common taxes that come out of a person’s payroll check?
Federal Income Tax
State Income Tax
Medicare Tax
All Of above
Q.20
Federal law requires employers to pay a minimum wage.
True
False
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