Chapter 6 Income Tax Review (Financial Algebra)

If a single person had a taxable income of $57,345 what would their tax be?

• $6,491

• $7,050

• $8,470

• $8,481

If a person who is head of household has $60925 taxable income what is the inequality income interval using the tax table.

If single has a taxable income of $53,127. What would be there tax according to schedule x-1?

• $3,003.44

• $11,687.94

• $13,227.50

• $7,546.44

If a single person's taxable income is $85,250. Write the equation from the table to find their tax.

• 14,382.50 + 0.24(x - 84,200)

• 32,748 + 0.32(x - 160,725)

• 84,200 + 0.24(x - 14,382)

• 14,382 + 0.24x

Write the top line in y = mx + b form.

• 0.24x

• 0.24x - 5,825.50

• 0.24x + 5,825

• 0.24(5825.50)x

The tax equation for income over $74,900 but not over $151,200 is y = 10,312.50 + 0.25(x − 74,900). Simplify the equation into y = mx + b form

• y=0.25x -18,875

• y=0.25x + 8,412.50

• y= 0.25x - 8,412.50

• y=0.25x - 64,587.50

Joe's gross pay is $669.75 what would be the Social Security (6.2%) tax on this income?

• $41.52

• $415.25

• $$4,152.45

• $4.15

Joe's gross pay is $669.75, what is the Medicare tax (1.45%) on this income?

• $0.97

• $971.14

• $97.11

• $9.71

Ralph is a teacher who works as a musician on weekends. Here is his income from W-2 and 1099 forms: wages from teaching $43,871, wages from music jobs $15,873, interest $863, dividends $350, and royalties $1,200. What is Ralph's total income?

• $60,957

• $62,157

• $43,871

• $59,744

Kate is filling out her income tax return. Her tax for last year is $973. Her employer withheld $712 in federal taxes.

Does Kate get a refund or does she owe the government money?

What is the difference between Kate's tax and the amount withheld by her employer?

• Refund, $712

• Owe, $261

• Refund, $261

• Owe, $973