31
practice examMultiple Choice

Practice Exam

Question 31 • CMS 2026-2027 Economics and Personal Finance HONORS INITIAL CREDIT

Yarin’s gross pay for the year was 3 dollars comma 500 The federal income tax withholding from his pay was 9 percent of his gross pay. Yarin determined the federal income tax he owes is 115 dollars How much of a refund can Yarin expect?

Answer
A
315 dollars
B
3 dollars comma 035
C
200 dollars
D
3 dollars comma 185

Explanation

Yarin had $3,500 × 0.09 = $315 withheld from his pay. Since he owes $115 in federal income tax, his refund is $315 − $115 = $200, which is choice C.

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