Education Service Center Region 13



Name: ______________________________________________________ Period: ____ Score: ________ FM Chapter 6 Review Use this portion of the tax table to answer #1–7.(SM6-1:1) Abe is single. His taxable income is $83,492. How much does Abe owe in taxes?(SM6-1:2) Roberta is married and filing a joint return with her husband Steve. Their combined taxable income is $80,997. How much do they owe in taxes?(SM6-1:3) Quinn files as Head of Household. His tax is $14,404. What is his range of income according to the tax table?(SM6-1:4) Determine the tax for each filing status and taxable income amount listed. a. single $80,602 b. head of household $83,572 c. married filing jointly $77,777 d. married filing separately $83,050(SM6-1:5) Given a taxable income amount, express the tax table line that would be used in: “at least __ but less than __” notation. a. income = $80,154 b. income = $83,221(SM6-1:6) Given the taxable income amount, express the tax table line that would be used in: “at least __ but less than __” notation. a. income = $80,101 b. income = 77,686(SM6-1:7) Given the filing status and the tax, identify the taxable income interval that was used to determine that tax. Express your answer in: “at least __ but less than __” notation. a. head of household $14,554 b. single $15,800 c. married filing jointly $12,544 d. married filing separately $15,989Use the Tax Chart for Head of Household to answer #8–11.(SM6-1:8) Calculate the tax using the formula for each of the taxable incomes of a head of household taxpayer. a. $200,000b. $23,872 c. $121,890 d. $82,251Jamon’s taxable income is $446,327. What is his marginal tax rate? Round to the nearest percent. Jamon’s taxable income is $446,327. What is his average tax rate? Round to the nearest percent.(SM6-1:11) Sam’s taxable income is $92,300. What is his marginal tax rate? Round to the nearest percent. What is his average tax rate? Round to the nearest percent.Use the tax schedule below for a single taxpayer to answer #12(SM6-1:13) Calculate the tax for a taxable income of $189,000 using the tax schedule above. For questions 13-17: Social Security tax is 6.2% and Medicare tax is 1.45%.(SM6-3:1) Jack’s employer just switched to a new payroll system. He wants to make sure that his net pay has been computed correctly. His gross pay per pay period is $587.34. He has the following deductions: Social Security tax, Medicare tax, federal withholding tax $164.45, state withholding tax $76.34, retirement insurance contribution $50.00, disability insurance fee $8.00, medical insurance fee $23.00, and dental insurance fee $8.00. What should his net pay be for this pay period?(SM6-3:2) Tony makes an hourly salary of $15.40 for 40 regular hours of work. For any time worked beyond 40 hours, he is paid at a rate of time-and-a-half per hour. Last week, Tony worked 46 hours. Find each of the following for this period. a. Tony’s gross pay b. Social Security tax c. Medicare tax(SM6-3:3) Elizabeth works for Picasso Paint Supplies. Her annual salary is $72,580. a. What is Elizabeth’s annual Social Security deduction? b. What is Elizabeth’s annual Medicare deduction? Niko started a new job and wants to verify that his net pay has been computed correctly. His salary is $3,228.74 per month. He has the following deductions: Social Security tax 6.2%, Medicare tax 1.45%, federal withholding 8.4%, state withholding 2.2%, city withholding 1.5%, retirement contributions $582.27, and medical and dental insurance $145.39. What should his net pay be for this pay period? Example(s) of a recessive tax is/are______? (Choose all that apply.)a. Income tax b. Social Security tax c. Medicare taxd. Sales taxLook at the W-2 below. What is the total amount of federal, state, and local taxes that were withheld?? (SM6-3:9) Examine Alfredo Plata’s incomplete W-2 form. Based on the information determine the amounts in each of the following boxes. 17760951306300a. Box 5b. Box 1c. Box 4 ................
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