Answers26-27 Ignite Technical Math-Financial Math - MA20075.3 Personal Income and Property Taxes

Personal Income and Property Taxes Answers

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1
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Assume that you pay $2,849.84 in state property taxes every year. If your property has an assessed value of $41,302, what is your state’s property tax rate?

A
0.077
B
0.032
C
0.014
D
0.069
2
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You have a home with a market value of $144,700, which has an assessment value of 72% of that amount. Your city has a property tax rate of 0.039. You know that 65% of your property tax dollars go to public schools. To the nearest dollar, how much of your taxes went to funding schools?

A
$4,063
B
$3,668
C
$2,641
D
$6,772
3

Consider Michelle and Gladys, two neighbors who each earn the same salary. Gladys pays less in federal income taxes than Michelle does. Which of the following is a possible explanation for this?

A
Michelle and Gladys are in different tax brackets.
B
Gladys pays less in federal income taxes, but Michelle pays less in state income taxes.
C
Gladys has more money in savings than Michelle.
D
Gladys is taking advantage of more deductions and credits than Michelle.
4

Agnes pays state income tax equal to 3.75% of her federal taxable income. She pays federal income tax equal to 28.4% of her federal taxable income. This year, she paid $15,449.60 in federal income tax. How much did Agnes pay in state income tax?

A
$573.36
B
$4,387.69
C
$1,170.04
D
$2,040.00
5

Mary pays income tax according to the graduated schedule shown below. If Mary’s taxable income is $68,562, how much income tax does she owe, rounded to the nearest dollar?

Question illustration
A
$13,564
B
$17,140
C
$21,527
D
$12,349
6

Robert makes $951 gross income per week and keeps $762 of it after tax withholding. How many allowances has Robert claimed?

Question illustration
A
One
B
Two
C
Three
D
Four
7

Arthur’s yearly taxable income totals $116,600, and he pays $30,910.66 in federal income tax every year. Approximately what is Arthur’s net federal income tax rate?

A
20.5%
B
12.7%
C
37.7%
D
26.5%
8

Assume that you pay $2,849.84 in state property taxes every year. If your property has an assessed value of $41,302, what is your state’s property tax rate?

A
0.077
B
0.032
C
0.014
D
0.069
9

Adam makes $632 gross income per week and has claimed four allowances. According to the table below, what is Adam’s net income after tax withholding?

Question illustration
A
$99
B
$533
C
$731
D
$502
10

You earn $1,166 gross taxable income every week, and have claimed no exemptions. Assuming that you have no other sources of income, what is the amount of income tax withheld each week?

Question illustration
A
$323
B
$337
C
$340
D
$344
11

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $56,010.

A
Social Security tax: $347.26, Medicare tax: $81.22
B
Social Security tax: $3,472.62, Medicare tax: $812.15
C
Social Security tax: $662.16, Medicare tax: $81.22
D
Social Security tax: $6,621.60, Medicare tax: $812.15
13

For each of the following wages, determine the Medicare tax that would be withheld.i. $23,660ii. $89,000iii. $166,090

A
i. $343.07ii. $1,290.50iii. $2,408.31
B
i. $3,430.70ii. $12,905.00iii. $24,083.05
C
i. $146.70ii. $551.80iii. $1,029.76
D
i. $1,466.92ii. $5,518.00iii. $10,297.58
16

Gift tax falls under which tax category?

A
Payroll tax
B
Property tax
C
Purchase tax
D
Wealth tax
17

Curtis just received a raise at work increasing his salary by $8,500. He knows that an increase in salary will increase the amount of federal income taxes withheld from his paycheck. Which of the following statements best describes the effect his raise will have on state income tax withholdings?

A
State income tax is unrelated to federal, he will see no change in his state withholding.
B
Since he is having more withheld for federal, he will have less withheld for state so that he pays the same amount in the end.
C
State income tax is usually a set percentage of federal income tax. With an increase in federal he will see an increase in state withholding.
D
Since he is making more money, the state government will take advantage of his raise and charge him more income tax. His state withholding will increase.
19

Based on his salary, Kevin knows that he will have $336.00 withheld from his paycheck for federal income tax. He would like to have approximately $70.00 withheld for state income tax. Which of the following withholding options should he choose for state income tax?

A
18% of federal income tax
B
21% of federal income tax
C
25% of federal income tax
D
29% of federal income tax
23

If a taxpayer does not have enough taxes withdrawn from her paychecks throughout the year to equal the total tax she is required to pay that year, she will owe the government the remaining balance. On the other hand, if the taxpayer has more money withheld for taxes than she is required to pay that year, she will receive a refund for the difference. Mary has determined that, based on her annual income of $36,000, her federal income tax for the year is $5,424. Mary gets paid on a bi-weekly basis, giving her 26 paychecks throughout the 52 week year.What is the minimum amount Mary must have withheld from each of her 26 bi-weekly paychecks in order to avoid owing the federal government at the end of the year?

A
$104.30
B
$208.62
C
$692.31
D
$1,384.62
25

Stacy thinks her employer may not be withholding the correct amount from her paychecks for state income tax. She made arrangements to have 19% of federal income tax withheld for state income tax. On her last paycheck, the federal withholding was $163.88 and her state income tax withholding was $24.58. Which of the following statements is true?

A
Stacy’s employer is withholding the correct amount for state income tax.
B
Stacy’s employer is withholding too little for state income tax.
C
Stacy’s employer is withholding too much for state income tax.
D
Stacy’s employer should not be withholding state income tax.
26

On your property tax bill, you see the following table.DestinationShare of Your TaxesRoads$241Schools$896Public Safety$154Township$177What percentage of your taxes went to funding public safety?

A
10.49%
B
12.06%
C
11.72%
D
8.94%
27

Which of the following is a benefit Social Security does not offer?

A
automobile insurance
B
disability insurance
C
retirement insurance
D
survivor insurance
28

David’s salary totals $79,000 per year. He can expect to pay federal income tax at a rate of 23.60%. How much money will David pay in federal income taxes every year?

A
$60,356
B
$19,110
C
$18,644
D
$22,316

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