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Income Tax

Total questions: 22

Worksheet time: 1hrs 6mins

Name
Class
Date
1.

Write the equation that represents the taxable income for a person whose filing status is married filing separately in the interval for over $104,425 but not over $186,475?

a)

23,370.75 + 33%(x - 186,475)

b)

23,370.75 + 33%(x - 104,425)

c)

13,318.75 + 28%(x - 104,425)

d)

13,318.75 + 28%(x - 68525)

2.

Write the equation that represents the taxable income for a person whose filing status is head of household in the interval for over $190,200 but not over $372,950?

a)

44,585.00 + 33%(x - 190,200)

b)

104,425.00 + 33%(x - 104,425)

c)

24,215 + 28%(x - 117,450)

d)

13,318.75 + 28%(x - 68525)

3.

Matthew's tax status is married filing jointly with his wife. He is doing his taxes and determines that their taxable income is $122,351. The next step is to use the tax schedule above to determine their taxes. How much do they owe in taxes?

a)

30,166.58

b)

5,675.25

c)

28,732.50

d)

22,962.75

4.

Matthew's tax status is single. He is doing his taxes and determines that his taxable income is $122,351. The next step is to use the tax schedule above to determine their taxes. How much does he owe in taxes?

a)

27,978.28

b)

24,770.20

c)

20,760.10

d)

21,775.15

5.

Using the tax schedule for a person with a filing status as head of household, what taxable income would yield a tax of exactly $74,274.25?

a)

462,917

b)

296,233

c)

280,167

d)

223,483

6.

Using the tax schedule for a person with a filing status as single, what taxable income would yield a tax of exactly $55,723.50?

a)

466,936

b)

221,441

c)

129,218

d)

213,882

7.

Chris is filling married filing jointly on his tax forms. Last year he worked while his wife stayed home to take care of the family and made $79,285. How much does Chris owe in taxes?

a)

16,006

b)

12,194

c)

12,181

d)

16,019

8.

Chris is filling single on his tax forms. Last year he worked part time and made $27,497. How much does Chris owe in taxes?

a)

3,704

b)

3,286

c)

3,711

d)

3,294

9.

If Norman is filling head of household on his Federal Taxes and determines he owes $3899 in taxes, what is the correct written interval that would represent his income?

a)

28,800 ≤ i < 28,850

b)

29,950 ≤ i < 30,000

c)

28,750 ≤ i < 28,800

d)

29,500 ≤ i < 29,950

10.

If Ashley is filling single on her Federal Taxes and determines she owes $3899 in taxes, what is the correct written interval that would represent her income?

a)

28,800 ≤ i < 28,850

b)

29,950 ≤ i < 30,000

c)

28,750 ≤ i < 28,800

d)

29,500 ≤ i < 29,950

11.

The pay stub is Ron's weekly pay stub. If his earnings and deductions remain the same for the rest of the year how much will be taken out of his total annual gross salary for Federal Income Tax?

a)

4,755.66

b)

9,511.32

c)

33,834.32

d)

16,917.16

12.

The pay stub is Ron's biweekly pay stub. If his earnings and deductions remain the same for the rest of the year how much will be taken out of his total annual gross salary for Retirement?

a)

6,500

b)

3,250

c)

4,680

d)

2,340

13.

Ron decides to see what percentage his company is taking out for Federal Taxes. What percentage of his gross pay is the company taking out for Federal Taxes?

a)

0

b)

22%

c)

6%

d)

14%

14.

Ron decides to see what percentage his company is taking out for Family Health Insurance. What percentage of his gross pay is the company taking out for Family Health Insurance?

a)

5%

b)

33%

c)

3%

d)

14%

15.

If Max's federal income tax bracket is 33% and his gross income is $24,388, How much does he owe in taxes?

a)

8,048

b)

73,903

c)

90

d)

183

16.

If Max's federal income tax bracket is 15% and his gross income is $24,388, How much does he owe in taxes?

a)

3,658

b)

162,587

17.

If gross inccome is $24,388, Social Security is 6.2%, and Medicare is 1.45%, what is the Social Security Tax due?

a)

3,536

b)

15,121

c)

354

d)

1,512

18.

If gross inccome is $24,388, Social Security is 6.2%, and Medicare is 1.45%, what is the Medicare Tax due?

a)

3,536

b)

15,121

c)

354

d)

1,512

19.

If gross inccome is $87,425, Social Security is 6.2%, and Medicare is 1.45%, what is the Social Security Tax due?

a)

1,268

b)

5,420

c)

12,677

d)

54,204

20.

If gross inccome is $87,425, Social Security is 6.2%, and Medicare is 1.45%, what is the Medicare Tax due?

a)

1,268

b)

5,420

c)

12,677

d)

54,204

21.

The Barnes’ had $18,999 in medical expenses last year. Their medical insurance covers 80% of the expenses so the Barnes’ had to pay 20% of the medical bills. The IRS allows medical and dental expenses deductions for the amount that exceeds 7.5% of a taxpayer’s adjusted gross income. If the Barnes' adjusted gross income was $150,000 last year how much can they claim as a medical deduction?

a)

0

b)

11,250

c)

3,800

d)

7,450

22.

The Frias’ had $12,870 in medical expenses last year. Their medical insurance covers 80% of the expenses so the Fias’ had to pay 20% of the medical bills. The IRS allows medical and dental expenses deductions for the amount that exceeds 7.5% of a taxpayer’s adjusted gross income. If the Frias' adjusted gross income was $32,421 last year how much can they claim as a medical deduction?

a)

0

b)

142

c)

2,432

d)

10,296