Tax Lesson

​Income Tax

​Income tax is a percent of a person’s or company’s earnings that is collected by the government

​

If the income tax rate is 2%, determine the amount of income tax paid on an income of:

20,000

Multiple Choice

1. If the income tax rate is 4%, determine the amount of income tax paid on an income of:

a. 40,000

• $160,000

• $1,600

• $16,000

• $160

Multiple Choice

1. If the income tax rate is 4%, determine the amount of income tax paid on an income of:

b. 60,000

• $240

• $240,000

• $24,000

• $2,400

Multiple Choice

1. If the income tax rate is 4%, determine the amount of income tax paid on an income of:

c. 75,000

• $3,000

• $30,000

• $300

• $300,000

Multiple Choice

2. Write an equation to describe the amount of income tax paid on an income of x dollars if the income tax rate is 4%.

• y=0.04x

• y=0.4x

• y=4x

• y=.004x

​

​Suppose the income tax rate is 8%. Determine the amount of money remaining after paying income tax on an income of:

$48,000​

Multiple Choice

3. Suppose the income tax rate is 6%. Determine the amount of money remaining after paying income tax on an income of:

a. 50,000

• $3,000

• $53,000

• $47,000

• $44,000

Multiple Choice

3. Suppose the income tax rate is 6%. Determine the amount of money remaining after paying income tax on an income of:

b. 80,000

• $84,800

• $1,333.33

• $75,200

• $4,800

Multiple Choice

3. Suppose the income tax rate is 6%. Determine the amount of money remaining after paying income tax on an income of:

c. 95,000

• $89,300

• $5,700

• $1,583.33

• $101,000

Multiple Select

4. Write an algebraic equation to describe the amount of money remaining after income tax is paid on an income of x dollars if the income tax rate is 6%.

• y=0.06x

• y=0.94x

• y=x-0.06x

• y=6x

​

​5. Suppose the income tax rate is 7%. Determine a person’s income before taxes if the amount of money taken out in taxes is:

$350​

​

​

Multiple Choice

5. Suppose the income tax rate is 5%. Determine a person’s income before taxes if the amount of money taken out in taxes is:

a.100

• $5

• $20

• $2000

• $500

Multiple Choice

5. Suppose the income tax rate is 5%. Determine a person’s income before taxes if the amount of money taken out in taxes is:

b.500

• $100

• $2500

• $25

• $10,000

Multiple Choice

5. Suppose the income tax rate is 5%. Determine a person’s income before taxes if the amount of money taken out in taxes is:

c.2000

• $40,000

• $100

• $10,000

• $400

Multiple Choice

6. Maxine moved out of state and just got her first job, which pays $21.50 per hour. She works 40 hours per week and gets paid every 2 weeks. She pays 4% state income tax. How much does Maxine have remaining after state income tax is deducted from her paycheck?

• $860

• $1720

• $1651.20

• $68.8