Tax Definitions
Tax Schedules
(on pp 333, 343)
(on pp 333, 343)
Tax Tables
(appendix)
(appendix)
Paychecks
Super, Mega Bonus Questions
200
the amount of money that you make before taxes
gross income
200
Peter is single and earns $90,632 in taxable income. How much does he owe in taxes?
What is $19,355.21?
200
If John is single and earns $48,815 in taxable income, how much does he owe in taxes?
What is $8,550?
200
What are amounts of money subtracted from your gross pay?
deductions
200
This is a detailed examination of your filed tax return by the IRS.
an Audit
400
collected based on the amount of taxable income you earn
What is income tax?
400
Kim is head of household and earns $66,810 in taxable income. How much does she owe in taxes?
What is $11,765?
400
If Sally is head of household and earned $61,970 in taxable income, how much taxes does she owe?
What is $10,556?
400
Solve: Erin earned $180 last week from her comic book business. If 20% is going towards income tax, how much money will be taken out of her paycheck?
$36
400
What is the flat-rate charged for Medicare?
1.45%
600
the federal agency that collects all federal taxes
What is IRS?
600
Shane is a single and earns $100,000 in taxable income. What does he owe in taxes?
What is $21,978.25.00?
600
Married filing jointly; $97,111
What is $16,969?
600
Solve: Haley earned $200 at HHH Ranch last week. If 20% is going towards income tax, how much money will be taken out of her paycheck?
$40
600
The date all taxes are due each year (or an extension form)
April 15th (midnight). If this falls on a weekend, the Monday after the 15th is the new due date.
800
the amount of money you take home after taxes
net income
800
Married filing separately; $256,738
What is $75,645.80?
800
Single; $54,467
What is $9,963?
800
What is Federal Insurance Contributions Act better known as
FICA
800
The person who filled out this form?
Jane doe
1000
used by an employee and is provided to the employer so the employer can determine the appropriate amount of tax withholding
W-4
1000
Single; $9,000
What is $948.75?
1000
Married filing separately; $80,523
What is $16,919?
1000
What is the payroll deduction percentage for social security?
6.2%
1000
What is the month your employer must send you a Form W-2?
January