Vocab
What are the 4 filing statuses?
Single, Married filling Jointly, Married filling Separately, Head of Household
Payton is single and is paid 600 each week. How much is withheld from each check if she claims one allowance?
$49.00
1.6
What is just a bit too much apple to eat in one sitting?
Jess is a single mother with a taxable income of $65,000 a year and qualifies as head of household. What is the highest bracket she will be taxed at this year?
22%
You are paid minimum wage (in Maine) and work full time. What is your gross pay for the week?
$480
the amount of money taken from a paycheck that goes towards your taxes owed
What is withholding?
Sasquatch is working a side job as a cashier at Shaw's and earns $550 a week. How much will be withheld this year? (Sasquatch always files single 4 allowances - I cant believe you even had to ask, kids these days)
$832
This superhero built a 'fortress of solitude' at the North Pole
Who is Superman?
Mike is single and lives alone. He has a taxable income of $38,156. What is his tax liability this year?
$4,381.10
Mary Beth and her husband have a combined gross income of $86,500. They qualify for $2,500 in adjustments and claim a standard deduction. What is their taxable income
$61,600
This is the total amount of money that you (or you and your spouse if filling jointly) take in in a year
What is gross income?
You are paid 16.50 an hour and work full time. You are paid once a month and claim one allowance. How much will be withheld from each check?
$219
Blue
A family of four has a combined taxable income of $79,500. What is their tax liability?
$9144.88
You are paid $16 an hour with double time on weekends. You work 8 hour days Tuesday through Saturday. What is your gross pay this week?
$768
Increasing these will lower your withholding, assuming all else is equal
What are allowances?
Haylei gets paid $950 a week. She is a single apple grower who claims 2 allowances. Lets assume instead of paying money, she pays her taxes in Apples (Pink Lady) and 1.5 apples is equal to 1 dollar. How many apples will she have to pay in withholding this week?
123 apples
This kind of Sauce is served on Eggs Benedict.
What is Hollandaise sauce?
A married couple files jointly with a taxable income of $160,000. What is their tax liability.
$26,779.66
If you are paid on graduated commission you receive a a base salary plus commission on sales. Suppose you get a salary of 250 per week plus 1.5% of sales and sell 50,000 dollars worth of cars. How much will you get paid?
$1,000
Although similar in lowering your taxable income, they are not identical
What are Adjustments and Deductions?
Isaiah works 50 hours a week and is paid $18 an hour, with double time over 40 hours. He is single and claims 1 allowance. If he is paid every 2 weeks, how much will he have withheld this year?
$6448
"Sphenopalatine Ganglioneuralgia" is commonly referred to as?
Brain Freeze
Josh earns $250 a week plus 3% commission on sales. He worked 50 weeks this year and has $1,500,000 in sales. If he is single and has no adjustments, what will his tax liability be?
$5,755.66
Jess gets time and a half on weekends and double time over 40 hours. This week she works 52 hours, with 6 of them on Saturday. What is her gross pay if she normally makes $14.50 an hour
$1058.50