CM 2.1B Federal Income Tax (Single)

Front

What is the federal income tax?

Back

A tax levied by the federal government on the income of individuals and businesses.

Front

What does 'single' mean in tax filing status?

Back

It refers to an individual who is not married and files their taxes independently.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Front

What are allowances in the context of federal income tax?

Back

Allowances are used to determine the amount of income tax withheld from an employee's paycheck.

Front

What is gross pay?

Back

The total amount of money earned by an employee before any deductions, such as taxes.

Tags

CCSS.6.RP.A.3B

Front

What is net pay?

Back

The amount of money an employee takes home after all deductions, including taxes, have been subtracted from gross pay.

Tags

CCSS.7.RP.A.3

Front

How do you round a number to the nearest thousand?

Back

Look at the hundreds digit; if it is 5 or more, round up, otherwise round down.

Tags

CCSS.3.NBT.A.1

CCSS.4.NBT.A.3

Front

How do you round a number to the nearest ten?

Back

Look at the ones digit; if it is 5 or more, round up, otherwise round down.

Tags

CCSS.3.NBT.A.1

CCSS.4.NBT.A.3

Front

What is the purpose of payroll tables?

Back

Payroll tables provide a guide for employers to determine the amount of federal income tax to withhold from employees' paychecks.

Front

What is the significance of claiming allowances on a W-4 form?

Back

Claiming allowances affects the amount of federal income tax withheld from an employee's paycheck.

Front

What is the formula to calculate federal income tax withheld?

Back

Federal income tax withheld is calculated based on the employee's gross pay, filing status, and number of allowances.

Tags

CCSS.7.RP.A.3