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Personal Finance Tax Review

Total questions: 11

Worksheet time: 52mins

Name
Class
Date
1.

Tommy S. earns $632 weekly. His is single with two allowances. Using the tax table method, how much is his weekly FIT?

a)

64

b)

54

c)

45

d)

35

2.

Sarah earns $917 per week. She is single with one allowance. Use the tax table method to determine the amount of her weekly FIT?

a)

108

b)

90

c)

78

d)

69

3.

AJ earns $64168 a year. He is single and has three exemptions. How much is his weekly FIT? Use the tax table method to determine the value.

a)

1234

b)

178

c)

143

d)

125

4.

Luke works thirty hours a week at $8.25/hour. He is single and has no exemptions. What is his weekly FIT, calculated by using the tax table method?

a)

0

b)

9

c)

17

d)

247.50

5.

Morgan, who is single with one allowance, works 40 hours a week at $10/hour plus time and a half for overtime. If she worked 8 hours overtime, what is her weekly FIT based on the tax table method?

a)

41

b)

51

c)

120

d)

520

6.

Emma earns $987 a week. Emma is single with two exemptions. Using the percentage method, how much is her weekly FIT?

a)

2.73

b)

88.35

c)

159.60

d)

827.40

7.

Bridget earns $1015 a week. She is single with one allowance. Using the percentage method, how much is her weekly FIT?

a)

935.20

b)

120.20

c)

112.06

d)

26.44

8.

Tommy Z earned $234 last week. He is single with one exemption. This week, he earned $345. Using the percentage method, find the difference in the weekly FIT.

a)

27.96

b)

19.64

c)

11.32

d)

8.32

9.

True or False: The more allowances/exemptions a person claims, the more taxes are withheld.

a)

True

b)

False

10.

Angela earned $156000 annually. She is single and has three exemptions. Using the percentage method, what is her weekly amount of FIT?

a)

2760.60

b)

1102.60

c)

535.70

d)

264.62

11.

Annie and Hanna both work forty hour weeks. Annie earns $11.25/hour and has no allowances. Hanna earns $13.25/hour and has one allowance. Who has the greater FIT?

a)

Hanna

b)

Annie

c)

Neither