Reading Tax Tables GimKit Make Up

Front

What is a tax table?

Back

A tax table is a chart that shows the amount of tax owed based on taxable income, helping taxpayers determine their tax liability.

Front

What is taxable income?

Back

Taxable income is the portion of income that is subject to taxation, calculated by subtracting allowable deductions from total income.

Front

How do you calculate the percentage of income spent on taxes?

Back

To calculate the percentage of income spent on taxes, divide the total tax paid by the taxable income and multiply by 100.

Front

What is the tax rate for a single taxpayer with a taxable income of $47,100?

Back

12.7%.

Front

What is the tax rate for a married couple with a taxable income of $47,750?

Back

11.1%.

Front

What is the tax rate for a married couple with a taxable income of $41,555?

Back

11.0%.

Front

What is the tax rate for a single taxpayer with a taxable income of $40,500?

Back

11.5%.

Front

How much tax would a single taxpayer with $44,640 in taxable income pay?

Back

$5,435.

Front

What is the significance of understanding tax rates?

Back

Understanding tax rates helps individuals and couples plan their finances, budget for taxes, and make informed financial decisions.

Front

What factors can affect a taxpayer's tax rate?

Back

Factors include filing status (single or married), taxable income level, and applicable deductions or credits.