Income tax

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

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

• $26,931

• $13,962

• $22,433

Dayanara's gross income was $550. What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?

• $132.50

• $417.50

• $440.00

• $638.50

The majority of government revenue comes from income taxes.

• True

• False

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

• $8943

• $5444

• $9218

Wages, salary and tips

• unearned income

• earned income

• disposable income

Social security is the tax that pays for medical insurance for older adults.

• True

• False

What is the tax owed for a married couple that has 120,000 in taxable income?

• 22974

• 25000

• 19,368

• 15000

Federal Withholding Tax:  $134.00
SS Tax:  $75.00
Medicare Tax:  $56.00
State Income Tax: $62.00

What is your total deduction? 

• $327.00
• $879.00
• $452.00
• $327.50

Joseph worked 43 hours last week. His hourly rate is $9.75. He has the following deductions taken from his pay: federal income tax at the rate of 10 percent, Social Security tax at the rate of 6.2 percent, Medicare tax at the rate of 1.45 percent, health insurance premiums of $12.20, and union dues of $9.50. Joseph net pay for last week was $ .

• 304.85

• 323.55

• $416.50

• 358.49