Supreme Court and Tax Law

Description: This quiz will test your knowledge of the Supreme Court and Tax Law.
Number of Questions: 15
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Which of the following is not a type of federal income tax?

  1. Individual income tax

  2. Corporate income tax

  3. Payroll tax

  4. Estate tax


Correct Option: C
Explanation:

Payroll tax is a type of social insurance tax, not a type of federal income tax.

What is the highest marginal income tax rate for individuals in the United States?

  1. 10%

  2. 22%

  3. 32%

  4. 37%


Correct Option: D
Explanation:

The highest marginal income tax rate for individuals in the United States is 37%.

Which of the following is not a deductible expense for federal income tax purposes?

  1. Mortgage interest

  2. State and local income taxes

  3. Charitable contributions

  4. Gambling losses


Correct Option: D
Explanation:

Gambling losses are not a deductible expense for federal income tax purposes.

What is the standard deduction for a single taxpayer in the United States?

  1. $12,550

  2. $18,800

  3. $25,100

  4. $31,400


Correct Option: A
Explanation:

The standard deduction for a single taxpayer in the United States is $12,550.

Which of the following is not a type of federal estate tax?

  1. Estate tax

  2. Generation-skipping transfer tax

  3. Gift tax

  4. Income tax


Correct Option: D
Explanation:

Income tax is not a type of federal estate tax.

What is the federal estate tax exemption amount?

  1. $11.7 million

  2. $12.06 million

  3. $12.92 million

  4. $13.41 million


Correct Option: B
Explanation:

The federal estate tax exemption amount is $12.06 million.

Which of the following is not a type of federal gift tax?

  1. Annual exclusion

  2. Lifetime exemption

  3. Generation-skipping transfer tax

  4. Marital deduction


Correct Option: C
Explanation:

Generation-skipping transfer tax is not a type of federal gift tax.

What is the annual exclusion amount for federal gift tax purposes?

  1. $15,000

  2. $30,000

  3. $45,000

  4. $60,000


Correct Option: A
Explanation:

The annual exclusion amount for federal gift tax purposes is $15,000.

Which of the following is not a type of federal excise tax?

  1. Alcohol tax

  2. Tobacco tax

  3. Gasoline tax

  4. Sales tax


Correct Option: D
Explanation:

Sales tax is not a type of federal excise tax.

What is the federal excise tax rate on gasoline?

  1. 18.4 cents per gallon

  2. 24.4 cents per gallon

  3. 30.4 cents per gallon

  4. 36.4 cents per gallon


Correct Option: A
Explanation:

The federal excise tax rate on gasoline is 18.4 cents per gallon.

Which of the following is not a type of federal customs duty?

  1. Ad valorem duty

  2. Specific duty

  3. Compound duty

  4. Sales tax


Correct Option: D
Explanation:

Sales tax is not a type of federal customs duty.

What is the most common type of federal customs duty?

  1. Ad valorem duty

  2. Specific duty

  3. Compound duty

  4. Sales tax


Correct Option: A
Explanation:

Ad valorem duty is the most common type of federal customs duty.

Which of the following is not a type of federal tax credit?

  1. Earned income tax credit

  2. Child tax credit

  3. Education tax credit

  4. Sales tax credit


Correct Option: D
Explanation:

Sales tax credit is not a type of federal tax credit.

What is the maximum amount of the earned income tax credit?

  1. $6,935

  2. $7,650

  3. $8,365

  4. $9,080


Correct Option: A
Explanation:

The maximum amount of the earned income tax credit is $6,935.

Which of the following is not a type of federal tax deduction?

  1. Standard deduction

  2. Personal exemption

  3. Itemized deductions

  4. Sales tax deduction


Correct Option: D
Explanation:

Sales tax deduction is not a type of federal tax deduction.

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