QUIZ: Ch. 6.1 - 6.2 (Math for Finance)

Match the following

• Taxable Income

• A percentage that's paid to the government on products or services that are sold

• Constraint

• The amount of money that you're taxed after all of the adjustments and deductions are factored in

• Income Tax

• A limitation on a set of outcomes

• Internal Revenue Service (IRS)

• Taxes you pay to the government and are based on the amount of money that you earn

• Sales Tax

• A government agency that collects federal taxes

Tags

CCSS.8.F.A.1

CCSS.HSF.IF.A.1

Match the following

• Single

• Filing status for married taxpayers who choose to file individually, as opposed to filing it together

• Head of Household

• Filing status for a taxpayer who has lost their spouse

• Married Filing Jointly

• Filing status for unmarried taxpayers who support other people besides themselves and their children

• Married Filing Separately

• Filing status for unmarried taxpayers and only support themselves financially

• Qualifying Widower

• Filing status for married taxpayers who choose to file together as one

Tags

CCSS.7.RP.A.2C

[Ch. 6.1 Notes, Question #1] We know that taxes help pay the salaries of several different jobs (education, law enforcement, EMS, etc.) What type of career do taxes NOT pay the salaries of?

• Military Programs

• Space Programs

• Health Research Programs

• Architectural Design Programs

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

[Ch. 6.1 Notes, Question #2] Which of the following ways can the government collect taxes in the United States? Select ALL that apply:

• Property Tax

• Sales Tax

• Cow Flatulence Tax

• Income Tax

• Google Tax

Tags

CCSS.RI.11-12.10

CCSS.RI.6.10

CCSS.RI.7.10

CCSS.RI.8.10

CCSS.RI.9-10.10

[Ch. 6.1 Notes, Question #4] Which federal agency collects and tracks your taxes for the U.S. government? (3-Letter Acronym)

(a)  

Tags

CCSS.RI.11-12.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7

[Ch. 6.1 Notes, Question #6] When filing your federal taxes, what is the lowest tax bracket (%) you can be placed in while living and working in the United States? (*If you have a job, you're in this bracket already)

(a)  

[In the Year 2024] If you're filing Single and earn $47,150 for the year, what bracket (%) will you be placed in? Look at the heading The Tax Is to see the (%) values.

(a)  

[In the Year 2024] If you're filing Single and earn $134,750 for the year, how much will you owe in taxes?

(a)  

[In the Year 2024] According to the table, if you have to pay $9,936 in taxes, what was your total income for the year? (*Hint, find your correct Tax Bracket and do EXACTLY THE OPPOSITE of what the directions on the right-hand side say to do)

(a)  

Match the following

• Tax Bracket

• A tax that decreases as income increases

• Progressive Tax System

• A tax that is the same percentage rate for everyone

• Regressive Tax Schedule

• A tax that increases incrementally as income increases

• Flat Tax

• One of several categories, each section of a tax schedule has an increasing percentage that you owe to the government as you earn a higher income

Tags

CCSS.8.EE.B.5