6-3 & 6-4 Income Statements, Form 1040EZ and Form 1040A

A short Federal income tax form that taxpayers can use to report their earnings and pay their taxes. This form has certain requirements.

• From W-2

• Form 1040

• Form 1040

• Form 1040EZ

The sum of gross income and any other income such as interest, dividends, royalities, and alimony

• Exemption

• Adjusted Gross Income

• Itemizing

• Standard Deduction

Allowable reduction that is based on filing status

• Itemizing

• Standard Deduction

• Exemption

• Adjusted Gross Income

A person that taxpayer supports financially

• Exemption

• Dependent

• Itemizing

• Head of Household

Allowable amount that reduces the taxable income based on certain requirements set by the IRS

• Adjusted Gross Income

• Standard Deduction

• Dependent

• Exemption

A Federal income tax form used by people that have other types of income such as royalties, alimony, or prizes.

• Form 1040EZ

• Form 1040

• Form 1040A

• Form W-4

A short Federal income tax for that taxpayers can use to reoprt their eanrings and pay their taxes

• Form W-2

• Form 1040EZ

• Form 1040A

• Form 1040

Deductions listed on an income tax form

• Standard Deduction

• Itemizing

• Exemption

• Dependent

Jack’s employer just switched to a new payroll system. He wants to make sure that his net pay has been computed correctly. His gross pay per pay period is $587.34. He has the following deductions: Social Security tax (6.2%), Medicare tax (1.45%), federal withholding tax $164.45, state withholding tax $76.34, retirement insurance contribution $50.00, disability insurance fee $8.00, medical insurance fee $23.00, and dental insurance fee $8.00. What should his net pay be for this pay period?

• $315.23

• $212.61

• $374.92

• $257.55

Tags

CCSS.6.NS.B.3

Tony makes an hourly salary of $11.50 for 40 regular hours of work. For any time worked beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 46 hours. Find each of the following for this period.

a. Tony’s gross pay (Need help. Look at chapter 5 notes)

• $498.25

• $469

• $563.50

• $552