Reading Tax Tables GimKit Make Up

Front

What is a tax table?

Back

A tax table is a chart that shows the amount of tax owed based on taxable income and filing status.

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CCSS.7.RP.A.3

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How does filing status affect tax calculations?

Back

Filing status (single, married filing jointly, etc.) determines the tax brackets and rates applicable to a taxpayer's income.

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What is taxable income?

Back

Taxable income is the amount of income that is subject to tax after deductions and exemptions.

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What is the purpose of tax brackets?

Back

Tax brackets categorize income ranges that are taxed at different rates, allowing for progressive taxation.

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CCSS.6.RP.A.3B

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How do you calculate the tax owed from taxable income?

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To calculate tax owed, apply the appropriate tax rates from the tax table based on the taxable income and filing status.

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CCSS.HSF.BF.A.2

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What is the significance of the standard deduction?

Back

The standard deduction reduces taxable income, lowering the overall tax liability for taxpayers.

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CCSS.7.NS.A.1D

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How do tax credits differ from tax deductions?

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Tax credits directly reduce the amount of tax owed, while tax deductions lower taxable income.

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What is the marginal tax rate?

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The marginal tax rate is the rate at which the last dollar of income is taxed, reflecting the tax rate for the highest bracket of income.

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What is the effective tax rate?

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The effective tax rate is the average rate at which an individual or corporation is taxed, calculated as total tax paid divided by total income.

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CCSS.HSF.IF.B.6

CCSS.8.F.B.4

Front

How do you determine the tax owed for a single taxpayer with a specific income?

Back

Refer to the tax table for single filers, find the income range, and apply the corresponding tax amount.

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CCSS.HSF.BF.A.2