FA 6.3 Assignment - Income Taxes

Gross income of $86,440

Income adjustments:

Alimony - $9,025

Real Estate Taxes - $1,000

Donation to church - $200

Find the Adjusted Taxable Income.

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CCSS.7.EE.A.1

Gross income of $86,440

Income adjustments:

Alimony - $9,025

Real Estate Taxes - $1,000

Donation to church - $200

Find the total deductions.

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CCSS.7.EE.B.3

Gross income of $106,200

Income adjustments:

Retirement - $7,000

Real Estate Taxes - $2,300

Mortgage Interest - $7,200

Find the total deductions.

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CCSS.7.EE.B.3

Gross income of $106,200

Income adjustments:

Retirement - $7,000

Real Estate Taxes - $2,300

Mortgage Interest - $7,200

Find the adjusted taxable income.

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CCSS.8.EE.C.7B

Fred’s weekly pay stub shows that he paid $123.12 in federal taxes and $56.27 in state taxes. Assuming that his salary and deductions remain the same throughout the year, how much will be taken out of his total annual gross salary for federal taxes?

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CCSS.7.EE.B.3

Fred’s weekly pay stub shows that he paid $123.12 in federal taxes and $56.27 in state taxes. Assuming that his salary and deductions remain the same throughout the year, how much will be taken out of his total annual gross salary for state taxes?

Tags

CCSS.7.EE.B.3

Jenny’s monthly pay stub shows that she paid $642.51 in federal taxes and $243.72 in state taxes. Assuming that her salary and deductions remain the same throughout the year, how much will be taken out of her total annual gross salary for state taxes?

Tags

CCSS.7.EE.B.3

Jenny’s monthly pay stub shows that she paid $642.51 in federal taxes and $243.72 in state taxes. Assuming that her salary and deductions remain the same throughout the year, how much will be taken out of her total annual gross salary for federal taxes?

Tags

CCSS.7.EE.B.3

Sal made $119,000 last year, and made a $5,000 pre-tax contribution to his retirement account. He also paid $500 in student loan interest. The standard deduction for a head of household is $19,400. Tax credits given to Harry were $2,000 child tax credit and $300 for teacher expenses. What is his adjusted taxable income before the tax credits?

Answer explanation

It is better to take the standard deduction instead of the sum of the itemized deductions when it is higher than the total of your itemized deductions.

Sal made $119,000 last year, and made a $5,000 pre-tax contribution to his retirement account. He also paid $500 in student loan interest. The standard deduction for a head of household is $19,400. Tax credits given to Harry were $2,000 child tax credit and $300 for teacher expenses. What are his taxes owed? (Use the blue paper)

Answer explanation

It is better to take the standard deduction instead of the sum of the itemized deductions when it is higher than the total of your itemized deductions.

Tags

CCSS.7.NS.A.1D