Unit 1 NGPF Taxes

Autumn has a job that pays $15.75 per hour. Her paystub list her 401K withholding as $32, FICA of $23, FIT of $33, and healthcare payment of $16. What is her net pay if she works 30 hours?

• 472.50

• 368.50

• 104.00

• 384.50

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.2

CCSS.7.NS.A.3

What is the key difference between Net Pay and Gross Pay?

• Net pay is the total amount of money you get BEFORE taxes are deducted.

• Gross pay is the total amount of money you get AFTER taxes are deducted.

• Net pay is the total amount of money you get AFTER taxes are deducted.

• Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.NS.A.1

CCSS.7.NS.A.3

CCSS.7.RP.A.3

Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)

• Earned is how much you make from a job

• Earned is any money you make in interest, dividends, etc.

• Unearned is any money you make in interest, dividends, etc

• Unearned is how much you make from a job

Gross income minus deductions equals your net income.

If Amorelle made $384 in gross income and her deductions are $122, what is her net income?

• $506

• $406

• $262

• $266

Tags

CCSS.7.EE.B.3

CCSS.7.NS.A.1

CCSS.7.NS.A.3

If you paid $2500 in federal taxes and the IRS says you should have paid $3499, what happens?

• You have a refund of $1499

• You have a tax bill of $1499

• You have a refund of $5999

• You have a bill of $5999

Tags

CCSS.7.EE.B.3

CCSS.7.EE.B.4

CCSS.7.NS.A.1

CCSS.7.NS.A.3

Taxes are due on this date, unless that date falls on a Sunday

• January 15th

• April 15th

• May 15th

• July 15th

Tags

CCSS.4.MD.A.2

Maddy made $60,340 last year, placing her in the 22% tax bracket. What is true about Maddy's marginal and effective tax brackets?

• Her marginal tax bracket is 22%, and her effective tax bracket is less than 22%

• Her marginal tax bracket is less than 22%, and her effective tax bracket is 22%

• Her marginal tax bracket and her effective tax bracket are both lesss than 22%

• Her marginal tax bracket and her effective tax bracket are both 22%

How much did Elyse pay in FICA taxes?

• $2592.10

• $2121.63

• $470.47

• $3947.30

How much did Elyse pay in FIT (federal income tax?

• $2592.10

• $2121.63

• $470.47

• $3947.30

How much did Elyse pay in SIT (state income tax?

• $2592.10

• $2121.63

• $1539.90

• $3947.30