AFA Federal and State Income Tax Quiz

After applying the standard deduction, how much of a $48,200 salary is taxable income?

• $48,200

• $36,000

• $38,500

• $26,300

After applying the standard deduction, how much of a $50,000 salary is taxable income?

• $50,000

• $41,300

• $37,800

• $27,100

After applying the standard deduction, how much of a $55,000 salary is taxable income?

• $33,100

• $45,300

• $55,000

• $42,800

For an individual with $36,000 in taxable income, how much money will that individual pay in the 10% tax bracket?

• $12,200

• $3,600

• $9,700

• $970

For an individual with $40,000 in taxable income, how much money will that individual pay in the 10% tax bracket?

• $12,200

• $4,000

• $970

• $9,700

For an individual with $60,000 in taxable income, how much money will that individual pay in the 10% tax bracket?

• $970

• $6,000

• $12,200

• $9,700

An individual with $30,000 in taxable income pays $970 for the 10% tax bracket, and $2,436 for the 12% bracket. What is the OVERALL federal income tax payment for this individual?

• $1,430

• $3,406

• $3,000

• $26,630

The amount you owe in taxes is calculated based on your

• Taxable income

• Gross income

• Net income

• Adjusted Gross Income

Answer explanation

This is your gross income (minus) adjustments for retirement account contributions

Your weekly gross pay is $400.00. Your tax rate is 15%. How much is your net pay?

• $ 340.00

• $ 60.00

• $ 266.00

You make $9.00 an hour at your part-time job. You work 20 hours a week and your income tax rate is 20%. How much will be taken out of your paycheck each week?

• $36.00

• $144.00

• $9.00