Review FA-1.6-1.8

Choose whether the statement applies to earned income or unearned income.

Wages from your part-time job at an ice cream shop.

• earned income

• unearned income

Choose whether the statement applies to earned income or unearned income.

Money from selling your stocks for profit (capital gains).

• earned income

• unearned income

Choose whether the statement applies to earned income or unearned income.

Birthday gift check from your great aunt Ethel.

• earned income

• unearned income

Choose whether the statement applies to earned income or unearned income.

Money from cat-siting for your neighbor.

• earned income

• unearned income

Choose whether the statement applies to earned income or unearned income.

The interest on your money in your savings account.

• earned income

• unearned income

Which one is not an example of a tax credit?

• raising a family

• saving for retirement

• investing in education

• going green

• buying a yacht

If your standard deduction is less than your itemized deductions, you probably should itemize.

• True

• False

The following are above the line deductions:

Health Insurance Premiums

Alimony

Educator Expenses

Student Loan Interest

Tuition and Fees

• True

• False

Felix has a gross income of $18,000. What is his total tax due?

Include signs and punctuation as necessary.

(a)  

Tags

CCSS.7.RP.A.3

Sarina made $42,000 in the calendar year. How much does she owe in

federal taxes?

Include signs and punctuation as necessary.

(a)  

Tags

CCSS.7.RP.A.3