Determine federal taxes using goldenrod paper(tax brackets). Lisa is single :)
Determine social security tax if the percentage is 6.2.
Determine medicare tax if the percentage is 1.45 (round to the penny)
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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. Married filing jointly standard deduction is $31,500.
What is their adjusted gross income?
What is their Taxable income?
What is their tax(use tax tables)?
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?
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)
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?
Using your tax tables (not goldenrod paper):
Determine the taxes for someone who is married, filing separately, and making $54,950.
Using your tax tables (not goldenrod paper):
Determine the taxes for someone who is single and earns $48,362.
Using your tax tables: Between what interval does someone earn if they are head of household and pay $7,337 in taxes? Separate the values by a dash.
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 earned $115,500 in wages last year and had a Form 1099 reporting $3,100 in interest from his bank account(s). Howard made a pre-tax contribution to his retirement account, paid $21,000, $3,000 in student loan interest(pre-tax), and $2,000 in medical bills. The standard deduction for this filer is $23,675. The tax credit given to Holden was a $4,000 child tax credit.
What was Holden's adjusted gross income?
What deduction would you use?
What is Holden's taxable income?
Single Steve earned $95,500 in wages last year and had a Form 1099 showing $4,600 in interest from his bank account(s). Steve made a $15,000 pre-tax contribution to his retirement account, $2,500 in student loan interest(pre-tax), and $1,000 in medical bills. The standard deduction for this filer is $15,750. Steve received $250 in tax credits for a charitable donation.
What was Steve's adjusted gross income?
What deduction would you use?
What is Steve's taxable income?
How much federal, state and local taxes were paid?
Did Lisa contribute to a retirement plan?
How much did Lisa contribute to her retirement?
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Line 12, he is single
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What were Holden's taxes owed(use tax tables)?
What were his adjusted taxes AFTER the tax credits?
What was Steve's taxes (use the golden rod paper)?
What were his adjusted taxes AFTER the tax credits?