Vocabulary
This payroll tax helps provide income to elderly people
Social Security Tax
How much will be deposited into Hope's checking account on 5/21/2020?
$284.79
Here is some information about Julia:
-she is single
-she paid $12,000 in mortgage interest
-she paid $7,800 in state taxes
-she donated $5,000 to charity
What is her deduction?
Itemized: $24,800
What does YTD mean?
year to date
How many hours did Hope work this pay period?
40 hours
What is Julia's taxable income?
$90,200
Name a mandatory payroll deduction.
medicare, social security, federal income tax, state income tax
What is the YTD deductions?
2836.39
What is her top marginal tax bracket?
22%
A young person with a low income, no charitable giving, and no mortgage should probably take which deduction?
standard
Social Security tax is 6.2% of gross income. What was Hope's year to date social security tax?
$334.80
$14,758
Marginal tax rate
Medicare tax is 1.45% of gross income. What did Hope pay for Medicare tax for this current paycheck?
$8.70
Julia has a child so she qualifies for the Child Tax Credit of $2200.
What is her refund?
$442 refund