2.5 Do Now

What is the payroll tax rate for Medicare?

• 1.45%
• 1.35%
• 1.65%
• 1.54%

Tags

CCSS.6.RP.A.3B

What is the purpose of a 1040 Form?

• To determine if you need to pay additional income taxes or get a refund from overpaying.

• To determine if your employer needs to pay additional taxes.

• To determine how much money you've made throughout the year.

• I'm not sure what the purpose of a 1040 form is.

What is this form?

• w2
• w4
• 1040
• 1040ez

Which of the following describes how to calculate net pay?

• Subtract the total deductions from the net pay.

• Add the total deductions to the gross pay.

• Subtract the total deductions from the gross pay.

• Subtract the total deductions from the take-home pay.

Tags

CCSS.6.NS.B.3

Jane's income is $55,000 and she takes the standard deduction. If she is single, how much does she owe for the year? Use your tax schedules!

• $42,450

• $12,550

• $6,956.25

• $6966.25

Zoltan is paid $17.90 per hour. What are his earnings for a 26-hour week?

• $465.40

• $17.90

• $930.80

• $698.10

Tags

CCSS.6.NS.B.3

Taxes are deducted from all employees paychecks

• true
• false

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.3

CCSS.RI.9-10.3

CCSS.RI.9-10.5

The government agency in charge of collecting tax.

• FICA
• IRS
• NBA
• SEC

Jane's income is $55,000 and she takes the standard deduction. Jane's employer withheld $7,251 in taxes. If she is filing as single does she owe or will she get a refund, and of how much? Use your tax schedules!

• Owe $294.75

• Refund $294.75

• Owe $3,066.25

• Refund $3,066.25

Jane's income is $55,000 and she takes the standard deduction. Jane's employer withheld $3,890 in taxes. If she is filing as single does she owe or will she get a refund, and of how much? Use your tax schedules!

• Owe $294.75

• Refund $294.75

• Owe $3,066.25

• Refund $3,066.25

Tags

CCSS.HSF.BF.B.5