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Unit 2: Lesson 2 Federal Income Tax

Total questions: 11

Worksheet time: 14mins

Name
Class
Date
1.

A married filing jointly has itemized deductions at $19,300. Should they take this deduction or the standard deduction?

a)

Itemized

b)

Standard

c)

Neither

d)

Both

2.

Should someone who files as single take the standard deduction or his itemized deductions totaling $15,500?

a)

Standard

b)

Itemized

c)

Both

d)

Neither

3.

What is the federal tax owed on a taxable income of $59,475?

a)

$8943

b)

$5444

c)

$9218

4.

What is the income tax owed on a taxable income of $139,622?

a)

$26,931

b)

$13,962

c)

$22,433

5.
Your take home pay is also known as what?
a)
Gross Pay
b)
Net Pay
c)
Tax Exemptions
d)
Taxable Earnings
6.
Vickie makes $40,000 annually.  If she pays 20% in income tax, what is the amount of income tax she will pay?
a)
8000
b)
80000
c)
2000
d)
1200
7.

Your gross pay is $135 . The local income tax rate is 1.5% How much will be held from local tax?

a)

$2.03

b)

$202.50

8.
Net pay is...
a)
Your take home pay after taxes
b)
Your total income before taxes.
9.
Total pay or earnings made over a one-year period before any deductions have been taken is _____________.
a)
gross annual income
b)
net monthly income
c)
net annual income
d)
gross monthly income
10.

Gross income minus deductions equals your net income.

If Amorelle made $384 in gross income and her deductions are $122, what is her net income?

a)

$506

b)

$406

c)

$262

d)

$266

11.

Dayanara's gross income was $550. What was her net income if her deductions were $110 for payroll taxes and $22.50 for health insurance?

a)

$132.50

b)

$417.50

c)

$440.00

d)

$638.50