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Vocabulary
Federal Income Tax
State Exemptions
State Income Taxes
100
The amount of money paid to the federal government by individuals based on their income
What is Federal Income Tax (FIT)?
100
The amount withheld if you are paid $391 per week and have 1 allowance. (Use married table)
What is $21
100
Taxable wages if you make $65,800 per year and are married. (Use table on page 119)
What is $62,800
100
Taxes if your gross pay is $18,200 personal exepmtions of $1,500 tax on first $3000 is 1.5% anything over $3,000 is 3%
What is $456
200
Money that you are not required to pay income taxes on.
What are personal exemptions?
200
The amount withheld if you are paid $350.15 a week and you have one allowance (use single table)
What is $31
200
Taxable income if your wages are $34,300 per year and you are single. (Use table on page 119)
What is $32,800?
200
Gross pay of $45,000 Exemption of $3,000 State tax on first $2,500 is 1.5% Over $2,500 is 3%
What is $1,222.50
300
Annual Gross Pay - Personal Exemptions =
What are Taxable Wages
300
Amount withheld if you make $524 per week and have two allowances. (Use Single Table)
What is $48
300
Exemption amount if your pay is $54,400 and are single with one dependent. (Use table 2.3 on page 123)
What is $52,150?
300
Taxes if: Gross Pay is $54,400 Single Use table 2.3 on page 123
What is $3475.50
400
A different tax rate for different levels of income
What is Graduated Income Tax
400
Amount withheld if you make $421.98 per week and have 0 allowances. (Use married table)
What is $34
400
Taxable wages if you are paid $45,520 and are married (use table 2.3 on page 123)
What is $42,520
400
Amount withheld per pay period if: Annual pay is $63,000 Married Paid semi-monthly (Use table 2.3 on page 123)
What is $165.52
500
The IRS form used to determine allowances for income tax purposes.
What is the W-4
500
Amount withheld if you make $826.18 per week and have 7 allowances (use married table)
What is $33?
500
Taxable wages if your pay is $63,150 and you are married with three dependents (use table on page 119)
What is $58,050
500
Amount withheld per pay period if: Annual pay is $45,520 Married with two dependents Paid bi-weekly (Use table 2.3 on page 123)
What is $101.69