Federal Income Tax
What types of things do your federal income tax withhooldings depend on?
Income, marital status and withholding allowances
What is a flat tax rate?
Collecting the same rate on all income levels
How do you calculate the amount that comes out per paycheck, if someone is paid weekly?
annual tax withheld divided by 52
Review the 2022 Income Tax Schedule:
If a taxpayer is single, how much of their income will be taxed at 10%
$10,275
Define Time and a half
Regular pay times 1.5
What are withholding allowances?
Withholding money from taxation bases on whom you support. For example, yourself, your spouse and your children.
What are personal exemptions?
Specific amount of monet that your can deduct for yourself and each of your dependents.
How many times does someone get paid if they get paid monthly?
12
Review the 2022 Income Tax Schedule:
If a taxpayer is married (filing jointly), how much of their income will be taxed at 10%
$20,550
Find time and a half for an hourly rate of $15.76.
$23.64
How do you calculate taxable income?
Subtract the standard deductions from the gross income
What is state income tax?
a percentage of money you pay to the state government based on the income you make at your job.
How many pay periods is it, if someone gets paid bi-monthly?
24
Review the 2022 Income Tax Schedule:
If a taxpayer is single, at what income amount will anything over it be taxed at 37%
$539,900
Chloe makes a monthly salary of $4,562. What is her annual salary?
$54,744
What is federal income tax?
Tax collected by the IRS on the annual earnings of individuals and businesses.
How do you calculate annual tax withheld (flat rate)?
Taxable Wage x Tax Rate
Lyric owes $3,960 in taxes. She gets paid bi-weekly, how much does she pay in taxes per paycheck?
$152.31
Review the 2022 Income Tax Schedule:
If a taxpayer is married (filing separately), how much of their income will be taxed at 22%
$47,300
Hourly rate: $13.00
Hours worked: 22.5
Compute straight time pay
$292.50
Based on the Tax Standard Deductions from 2022. How much was deducted if you were married?
$25,900
Name a state that does not collect state income tax?
Alaska, Florida, Nevada, South Dakota, Texas,Wyoming and Tennessee
Mrs. Hayes' gross income is $87,500 a year. She is married and has two dependents. Calculate her taxable income. Single: $2,000 Married: $4,000 Dependent: $900
$81,700
Review the 2022 Income Tax Schedule:
If a taxpayer is head of household, how much of their income will be taxed at 35%
$323,950
Gabby sells real estate at a 6% straight commission. Last months sales totaled $362,712. What was her commission.
$19,602.72