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100
What is Form W-4?
This form is used by employees to determine how much federal income tax should be withheld from their pay.
100
What is the tax rate?
This is the percentage of income that is withheld for federal income tax from an employee's paycheck.
200
What is net income?
This is the income remaining after all deductions, including taxes, have been subtracted.
200
What is gross income?
This term refers to the total earnings before any deductions are made.
300
This term refers to the total earnings before any deductions are made.
gross income
300
What is the IRS?
This is the government agency responsible for collecting federal income taxes in the United States.
400
This is the income remaining after all deductions, including taxes, have been subtracted.
net income
400
This form is used by employees to determine how much federal income tax should be withheld from their pay.
w-4
400
A product costs $120 and has a sales tax of 8.5%. What is the total price including tax?
$120 × 0.085 = $10.20 → $120 + $10.20 = $130.20
400
You earn $20/hour and work 45 hours in a week. If overtime (5 hours) is taxed at 22%, how much tax is paid on overtime?
5 hours × $20 = $100 gross overtime → $100 × 0.22 = $22 tax
400
what is one plus one equal if you times it by zero
1+1=2x0=0 \(0=0)/
500
This is the government agency responsible for collecting federal income taxes in the United States.
IRS
500
This is the percentage of income that is withheld for federal income tax from an employee's paycheck.
tax rate
500
If you earn $50,000 annually and claim a standard deduction of $13,850, what is your taxable income?
$50,000 – $13,850 = $36,150
500
If your gross income is $3,500 and the federal tax rate is 12%, how much tax is withheld?
$3,500 × 0.12 = $420
500
Your paycheck shows $2,800 gross income and $420 in federal tax withheld. What percentage of your income was taxed?
($420 ÷ $2,800) × 100 = 15%