Quiz about Chapter 6 Income Tax Review (Financial Algebra)

Question 1

If a single person had a taxable income of $57,345 what would their tax be?

Accepted Answer

$8,470

Answer

$6,491

Answer

$7,050

Answer

$8,481

Question 2

If a person who is head of household has $60925 taxable income what is the inequality income interval using the tax table.

Accepted Answer

$$ ext{60,900}\le x< ext{}60,950$$

Answer

$$60,900\le x\le61,00$$

Answer

$$60950\le x<61,000$$

Answer

$$6,923\le x<9,922$$

Question 3

If single has a taxable income of $53,127. What would be there tax according to schedule x-1?

Accepted Answer

$7,546.44

Answer

$3,003.44

Answer

$11,687.94

Answer

$13,227.50

Question 4

If a single person's taxable income is $85,250. Write the equation from the table to find their tax.

Accepted Answer

14,382.50 + 0.24(x - 84,200)

Answer

32,748 + 0.32(x - 160,725)

Answer

84,200 + 0.24(x - 14,382)

Answer

14,382 + 0.24x

Question 5

Write the top line in y = mx + b form.

Accepted Answer

0.24x - 5,825.50

Answer

0.24x

Answer

0.24x + 5,825

Answer

0.24(5825.50)x

Question 6

Joe's gross pay is $669.75 what would be the Social Security (6.2%) tax on this income?

Accepted Answer

$41.52

Answer

$415.25

Answer

$$4,152.45

Answer

$4.15

Question 7

Joe's gross pay is $669.75, what is the Medicare tax (1.45%) on this income?

Accepted Answer

$9.71

Answer

$0.97

Answer

$971.14

Answer

$97.11

Question 8

Ralph is a teacher who works as a musician on weekends. Here is his income from W-2 and 1099 forms: wages from teaching $43,871, wages from music jobs $15,873, interest $863, dividends $350, and royalties $1,200. What is Ralph's total income?

Accepted Answer

$62,157

Answer

$60,957

Answer

$43,871

Answer

$59,744

Question 9

Kate is filling out her income tax return. Her tax for last year is $973. Her employer withheld $712 in federal taxes.

Does Kate get a refund or does she owe the government money?

What is the difference between Kate's tax and the amount withheld by her employer?

Accepted Answer

Owe, $261

Answer

Refund, $712

Answer

Refund, $261

Answer

Owe, $973

Question 10

Looking at the W2 given what was the federal income tax withheld?

Accepted Answer

$13,830.25

Answer

$4,839.13

Answer

$1,010

Answer

$4276.26

Question 11

Looking at the W2 given what is the state income tax?

Accepted Answer

$4,839.13

Answer

$4,276.26

Answer

$13,830.25

Answer

$1,010

Question 12

Looking at the W2 given what was their salary?

Accepted Answer

$68,972

Answer

$13,830.25

Answer

$4,276.26

Answer

$74,821.13

Question 13

TRUE OR FALSE

A taxpayer must file Schedule B if their dividends exceed $1,500.

Accepted Answer

True

Answer

False

Question 14

TRUE OR FALSE

A W-2 is an income statement that lists any money earned from interest.

Accepted Answer

False

Answer

True

Question 15

TRUE OR FALSE

A tax deduction is an allowable amount that reduces a person's taxable income and a tax credit is an allowable amount that reduces a person's tax.

Accepted Answer

True

Answer

False

Question 16

TRUE OR FALSE

Income tax is paid on earned income such as wages and tips. Income tax is also paid on unearned income such as interest, dividends, rental income, capital gains, and winnings.

Accepted Answer

True

Answer

False

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