Did you know that in 1943, the US government taxed anyone who owned a telephone? Or that in Illinois, candy that contains flour is not subject to sales tax? 😮
If you love quirky tax facts like these, our fun and informative quiz is perfect! Are you ready to test your knowledge of the IRS and IRC tax codes in the USA? Let’s get started! 🤓💰💡
🤔📝 Q1: What was the highest tax rate in the USA?
A) 50%
B) 70%
C) 94%
D) 100%
🤔📝 Q2: Which of the following items were once taxed by the US government?
A) Televisions
B) Telephones
C) Toasters
D) Tuna
🤔💰 Q3: In which US state is a candy that contains flour not subject to sales tax?
A) California
B) New York
C) Illinois
D) Texas
🤔💡 Q4: True or False: The IRS accepts payments in the form of Bitcoin.
A) True
B) False
🤔📝 Q5: In 1917, which amendment to the US Constitution allowed Congress to levy a federal income tax?
A) The 16th Amendment
B) The 18th Amendment
C) The 19th Amendment
D) The 20th Amendment
🤔💰 Q6: How much did the highest taxpayer in the US pay in taxes in 2020?
A) $5 million
B) $25 million
C) $125 million
D) $250 million
Answers:
Q1: (C) 94%. The top marginal tax rate on income above $200,000 was 94% in 1944 and 1945, the highest rate in US history.
Q2: (B) Telephones. In 1943, the US government taxed anyone who owned a telephone to help fund World War II.
Q3: (C) Illinois. Candy that contains flour is considered a food item and, therefore, exempt from sales tax in Illinois.
Q4: (A) True. The IRS began accepting payments in the form of Bitcoin in 2021.
Q5: (A) The 16th Amendment. This amendment allowed Congress to levy a federal income tax.
Q6: (D) $250 million. In 2020, the highest taxpayer in the US paid $250 million in federal income taxes.
So, did you get the results you were hoping for? If you need help with your taxes, Palma Financial Services offers various tax services to help you navigate the complex world of tax laws and regulations.
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