Test Your Personal Finance IQ In 60 Seconds
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With election season upon us, it becomes harder to know the difference between political persuasion and truth. Unknowingly, our personal finance IQ could be affected. The following six questions test your personal finance IQ.
- 1.Currently income earners who file single and have a taxable income of $250,000 are in the 33% take bracket. Assuming they have zero deductions, how much would someone owe in federal income tax if they made one penny over $250,000?
- A.
$82,500.11
- B.
$93,513.01
- C.
$67,028.00
- D.
$111,101.01
- 2.Over the next 50 years, assuming there are no changes to Medicare as we know it, Medicare is projected to
- A.
Continue to subsidize the cost of health care for seniors at current levels
- B.
Cost over half of projected tax revenues collected, making the program unsustainable
- C.
Subsidize a greater portion of the cost of health care for seniors
- D.
Death panels will now determine who receives Medicare
- 3.The effective long-term capital gains tax, which is often the effective tax rate billionaires pay who do not earn a traditional income is
- A.
Much higher under President Obama than under President Reagan
- B.
Much higher under President Reagan than under President Obama
- C.
The same under President Obama and President Reagan
- D.
The same under President Obama and President Clinton
- 4.Over the next 30 years, assuming there are no changes to Social Security as we know it, Social Security is projected to
- A.
Have reserve funds exhausted in 2037, making the program unsustainable
- B.
Continue to provide retirement income as promised to retirees
- C.
Provide a greater amount of retirement income than promised to retirees
- D.
Social security was eliminated by President Obama in 2009
- 5.Federal tax dollars are used to provide services such as military protection, roads, bridges, etc. Since 1952, the amount of federal employees per capita has
- A.
Grown from 4.1% to 6.3%
- B.
Grown from 1.8% to 4.1%
- C.
Grown from 3.2% to 11.3%
- D.
Declined from 4.1% to 1.8%
- 6.After deductions, the percentage of Americans who pay any federal income tax at all is
- A.
Nearly 100%
- B.
Roughly 90%
- C.
Roughly 80%
- D.
Roughly 50%
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