Net Pay/Federal Income Tax / State Tax Quiz Review

Gross pay: $23,760. State income tax rate 6%. Calculate the State Income Tax.

• $1201.33

• $1705.60

• $1425.60

• $1105.60

A married filing jointly has itemized deductions at $19,300. Should they take this deduction or the standard deduction?

• Itemized

• Standard

• Neither

• Both

Should someone who files as single take the standard deduction or his itemized deductions totaling $15,500?

• Standard

• Itemized

• Both

• Neither

What is the federal tax owed on a taxable income of $59,475?

• $8943

• $5444

• $9218

What is the income tax owed on a taxable income of $139,622?

• $26,931

• $13,962

• $22,433

What is Income Tax?

• Tax on Earned Income
• Tax on Unearned Income
• Tax on Earned and Unearned Income
• Taxes on the Wages you earn from your Employer

Your take home pay is also known as what?

• Gross Pay
• Net Pay
• Tax Exemptions
• Taxable Earnings

Vickie makes $40,000 annually.  If she pays 20% in income tax, what is the amount of income tax she will pay?

• 8000
• 80000
• 2000
• 1200

Your gross pay is $135 . The local income tax rate is 1.5% How much will be held from local tax?

• $2.03

• $202.50

Net pay is...

• Your take home pay after taxes
• Your total income before taxes.