INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 23

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-Interest you paid on your [car | house] loan could be deducted.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Federal Taxes

Mandatory financial charges collected by the federal government to fund public services and projects.

State Taxes

Taxes imposed by state governments on income, sales, property, and other activities within their jurisdiction.

Federal Government

The national government of a federated state, which shares sovereignty with the individual state or provincial governments.

Property Tax

A tax on the value of property, such as the value of a home.