Quiz about Week 11 - Federal Income Taxes

Question 1

The federal government levies a tax on personal income to provide for

Accepted Answer

All answers shown

Answer

national defense and law enforcement

Answer

veterans and foreign affairs

Answer

social programs like food and housing assistance and college grants

Question 2

As an employee, you can decide when to pay your payroll taxes.

Accepted Answer

false

Answer

true

Question 3

The total amount of earnings after all deductions are taken out

Accepted Answer

Net Pay

Answer

Gross Pay

Answer

After-tax Income

Answer

Yucky Pay

Question 4

To what entity do we pay taxes?

Accepted Answer

IRS

Answer

FBI

Answer

JOB

Answer

Mr. Dawson

Question 5

After applying the standard deduction, how much of a $48,200 salary is taxable income?

Accepted Answer

$36,000

Answer

$48,200

Answer

$38,500

Answer

$26,300

Question 6

After applying the standard deduction, how much of a $50,000 salary is taxable income?

Accepted Answer

$37,800

Answer

$50,000

Answer

$41,300

Answer

$27,100

Question 7

After applying the standard deduction, how much of a $55,000 salary is taxable income?

Accepted Answer

$42,800

Answer

$33,100

Answer

$45,300

Answer

$55,000

Question 8

For an individual with $36,000 in taxable income, how much money will that individual pay in the 10% tax bracket?

Accepted Answer

$970

Answer

$12,200

Answer

$3,600

Answer

$9,700

Question 9

For an individual with $40,000 in taxable income, how much money will that individual pay in the 10% tax bracket?

Accepted Answer

$4,000

Answer

$12,200

Answer

$970

Answer

$9,700

Question 10

For an individual with $60,000 in taxable income, how much money will that individual pay in the 10% tax bracket?

Accepted Answer

$6,000

Answer

$970

Answer

$12,200

Answer

$9,700

Question 11

An individual with $30,000 in taxable income pays $970 for the 10% tax bracket, and $2,436 for the 12% bracket. What is the OVERALL federal income tax payment for this individual?

Accepted Answer

$3,406

Answer

$1,430

Answer

$3,000

Answer

$26,630

Question 12

An individual with $35,000 in taxable income pays $970 for the 10% tax bracket, and $3,036 for the 12% bracket. What is the OVERALL federal income tax payment for this individual?

Accepted Answer

$3,506

Answer

$4,006

Answer

$32,036

Answer

$2,030

Question 13

An individual with $36,000 in taxable income pays $970 for the 10% tax bracket, and $3,156 for the 12% bracket. What is the OVERALL federal income tax payment for this individual?

Accepted Answer

$4,126

Answer

$3,656

Answer

$32,900

Answer

$2,136

Question 14

What does the O in SOAR stand for?

Accepted Answer

Outstanding

Answer

Opportunities

Answer

Opposite Operation

Answer

D.

Question 15

The total amount of earnings before any deductions are taken out

Accepted Answer

Gross Pay

Answer

Net Pay

Answer

After-tax Income

Answer

Yucky Pay

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