Calculating Taxes

Make a copy of this tax google sheet and use it for the following slides

https://docs.google.com/spreadsheets/d/11SJFgo2RskL6LiU-XU2MAVTljSczk6Y5MfluWtZIzfw/copy?gid=222061591#gid=222061591

• Done

• Ok I'll do that

Medicare tax is (what percent?) ​ (a)   of your (gross or net)​ (b)   income. It (does or does not)​ (c)   take into account your standard deduction/401K/IRA contributions before calculating.

• 1.45%
• gross
• does not
• 6.2%
• net
• does

Tags

CCSS.6.RP.A.3C

Social Security tax is (what percent?) ​ (a)   of your (gross/net)​ (b)   income. It (does or does not)​ (c)   take into account your standard deduction/401K/IRA contributions before calculating.

• 1.45%
• gross
• does not
• 6.2%
• net
• does

Tags

CCSS.6.RP.A.3C

Federal and State tax are a progressive tax system higher income is taxed at a higher rate only for the ​ (a)   that falls in each bracket. It (b)   take into account your standard deduction/401K/IRA contributions before calculating.

• 1.45%
• gross
• does not
• does
• portion

Contributions to a traditional 401K or traditional IRA retirement plan can lower your taxable income.

• True
• False

Tags

CCSS.7.NS.A.1D

If your income was $60,000 and you took the standard deduction of about $15,000 AND you contributed $10,000 to a traditional 401K. What would your taxable income be?

• $30,000
• $45,000
• $50,000
• $35,000

Tags

CCSS.7.RP.A.3

If your salary is $35,000, how much will you pay into Social Security annualy?

• $2,170
• $3,000
• $2,500
• $1,500

Tags

CCSS.6.RP.A.3B

If your salary is $35,000, how much will you pay into Medicare annualy?

• $250.00
• $1,000.00
• $750.00
• $507.50

Tags

CCSS.7.RP.A.3

If your salary is $35,000 and you take the standard deduction of $14,600 and do not contribute to a retirement account. What is your taxable income?

• $15,500
• $25,000
• $30,000
• $20,400

Tags

CCSS.7.NS.A.1D

With a salary of $35,000 and you standard deduction of $14,600, what amount will be taxed at the federal tax rate of 10%?

• $5,230

• $11,600

• $14,600

• $3,000

Tags

CCSS.6.RP.A.3C