WorksheetsTaxable Income (Business math)
Total questions: 14
Worksheet time: 10mins
The ____ Amendment to the US Constitution established the income tax.
14th
15th
16th
17th
Which item is NOT considered gross income?
Commissions
Tips
Salaries
Birthday gifts
By law, employers must send all employees their W-2 by the end of January 31st.
True
False
_____ _____ _____ is gross income minus selected government-approved deductions.
(a)
IRA stands for...
Individual Retainer Account
Individual Retirement Account
Internal Revenue Associates
Internal Retirement Arrangement
Deduction is an adjustment to income that comes _____ the AGI is determined.
before
after
Certain expenses qualify as a deduction and reduce the amount of taxable income is called...
Adjusted Gross Income
Subtracted
Internal Deduction
Itemized Deduction
_______ _______ is a fixed amount that can be claimed instead of listing individual expenses.
(a)
Tax credit is an amount of money a tax payer is allowed to subtract from the taxes that are owed
True
False
Which is NOT considered a tax credit?
Dependents
Car Insurance
Low Income Earner
American Opportunity Credit
Which filing status is NOT correct?
Divorced
Married Filing Jointly
Head of Household
Married Filing Separately
Widower
Married filing jointly; Combined AGI: $112,742, Standard deduction: single-$5,800 married-$11,600; Tax credits: $9,500.
Find the taxable income.
(a)
Gross income of $86,440
Income adjustments:
Alimony - $9,025
HSA - $1,200
Find the AGI.
(a)
What does HSA stand for?
Human Services Accounts
Health Savings Account
Health Savings Association
Handicapped Scuba Association
