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Ch 6 Test Review (4/2/2025)

Last updated 9 months ago
47 questions
1

Determine federal taxes using goldenrod paper(tax brackets). Lisa is single :)

1

Determine social security tax if the percentage is 6.2.

1

Determine medicare tax if the percentage is 1.45 (round to the penny)

1

How much federal, state and local taxes were paid?

1

Did Lisa contribute to a retirement plan?

1

How much did Lisa contribute to her retirement?

1

Line 1a

1

Line 1z

1

Line 9

1

Line 11

1

Line 12. Make sure to use the standard deduction, $14,600

1

Line 14

1

Line 15

1

Line 16 (use tax tables, not pink paper)

1

Line 18

1

Line 22

1

Line 24

1

Line 25a

1

Line 25d

1

Line 33

1

Line 34

1

Line 37

Ben and Jill are married and file jointly. They have a combined income of $98,900. They have 1099 forms that report $5,900 in bank interest(counted as income). They were able to claim $32,550 in deductions as well.
1

What is their adjusted gross income?

1

What is their Taxable income?

1

What is their tax(use tax tables)?

1

Beth is verifying the accuracy of her paycheck. She earns $20.50 an hour and works 40 hours each week. Her biweekly deductions are Social Security 6.2%, Medicare 1.45%, federal withholding tax $150.25, state withholding tax $89.50, and health insurance $57.47. What is her net pay if she is paid biweekly?

1

Beth is verifying the accuracy of her paycheck. She earns $20.50 an hour and works 40 hours each week. Her biweekly deductions are Social Security 6.2%, Medicare 1.45%, federal withholding tax $150.25, state withholding tax $89.50, and health insurance $57.47. What percentage of her pay goes to deductions? (Round to the nearest tenth of a percent)

1

Using the goldenrod paper:
Krysten is the head of her household and has a taxable income of $357,670. How much does she owe in taxes?

1

Using your tax tables (not goldenrod paper):
Determine the taxes for someone who is married, filing separately, and making $54,950.

1

Using your tax tables (not goldenrod paper):
Determine the taxes for someone who is single and earns $48,362.

1

Using your tax tables: Between what interval does someone earn if they are head of household and pay $7,434 in taxes? Separate the values by a dash.

1

A taxpayer's annual Medicare tax is $1,054. What is the taxpayer's gross annual salary? Medicare tax is 1.45%

Head of household Holden made $115,500 last year for his wages and had form 1099 that stated he made $3,100 of interest from his bank account(s). Howard made a pre-tax contribution to his retirement account (deductible)paid $21,000, $3,000 in student loan interest, and $2,000 in medical bills. The standard deduction for this filer is $19,400. Tax credits given to Holden were a $4,000 child tax credit and $300 for a charity donation.
1

What was Holden's adjusted gross income?

1

What deduction would you use?

1

What is Holden's taxable income?

1

What were Holden's taxes owed(use the orange paper)?

1

What were his adjusted taxes AFTER the tax credits?

Head of household Hector made $174,300 last year for his wages and had form 1099 that stated he made $1,100 of interest from his bank account(s). Hector made a pre-tax contribution to his retirement account (deductible)paid $11,000, $3,000 in student loan interest, and $5,000 in medical bills. The standard deduction for this filer is $19,400. Tax credits given to Hector were a $5,000 child tax credit and $300 for a church donation.
1

What was Hector's adjusted gross income?

1

What deduction would you use?

1

What is Hector's taxable income?

1

What were Hector's taxes (use the goldenrod paper)?

1

What were his adjusted taxes AFTER the tax credits?

Single Steve made $215,500 last year for his wages and had form 1099 that stated he made $4,600 of interest from his bank account(s). Steve made a pre-tax contribution to his retirement account (deductible) and paid $15,000, $3,000 in student loan interest, and $1,000 in medical bills. The standard deduction for this filer is $13,850. Tax credits given to Steve were $250 for a charity donation.
1

What was Steve's adjusted gross income?

1

What deduction would you use?

1

What is Steve's taxable income?

1

What was Steve's taxes (use the golden rod paper)?

1

What were his adjusted taxes AFTER the tax credits?