4
QuizMultiple Choice
Tax Basics
Question 4 • SNHS Financial Math - MA2007
The Murphys’ gross annual family income is $120,500. Mr. Murphy referred to the graph shown below and calculated that his family will spend $28,920 on taxes this year. What is wrong with Mr. Murphy’s calculation?
Answer
A
He has calculated only federal taxes.B
He has calculated only state taxes.C
He does not need to include federal taxes.D
He does not need to include state taxes.