Circle where you found how much Federal Tax was paid
Question 5
5.
Question 6
6.
Question 7
7.
Question 8
8.
Question 9
9.
Question 10
10.
Circle the box where you found how much State Income tax was paid (or not paid)
Question 11
11.
Question 12
12.
Question 13
13.
Prove the Medicare wages take were withheld are correct. (Remember Medicare is 1.45% of income)
Question 14
14.
Question 15
15.
Question 16
16.
Question 17
17.
Observe the following W2:
What was the gross annual income?
5449.90
306.17
337.89
79.02
Observe the following W2:
How much Federal Income Tax was paid in 2015?
5449.90
306.17
337.89
79.02
In 2015 the standard deduction was $6300. Use this idea to determine what is the taxable income for the federal income tax for the employee in problems 1-4:
$5449.90 will be taxed for federal income tax
$0 will be taxed for federal income tax
$-851 will be taxed for federal income tax
Based on the previous answers how much can this person expect to recieve back from their tax return?
$0
$306.17
$79
They will owe money
Observe the following W2:
How much tax was paid to the FICA taxes? (SS and Medicare)
5787.79
306.17
416.91
79.02
Will you recieve your FICA taxes back when you file your annual tax return?
Yes
No
Was there any state income tax paid?
Yes
No
Observe the following W2:
What is the difference between the amounts in box 1 and box 5?
$0
$500
$3471.19
$5509.57
Why is there a difference between box 1 and box 5 in this situation?
Box 14 shows a tax deffered contiribution to a retirement account
The IRS made a mistake
Tax evasion
After the standard deduction of $12,200 (the S.D for 2019 taxes) is applied, how much income will be taxed for Federal Taxes?
$38972.64
$26,772.64
$42,443.83
$30,243.83
Use https://www.irs.gov/pub/irs-prior/i1040tt--2019.pdf to determine how much Federal Income Tax is owed:
$5,192
$3,019
$0
Note how much tax the taxpayer has already paid!!! When they file their taxes, how much will they owe or recieve!
They will owe $0
They will recieve $3,019 back
They will recieve $1220.13 back
They will owe $1220.13
If someone owes $1200 after their deductions, and they recieve a $500 tax credit, how much will they owe on their taxes?