Question
Cassidy's gross income for the year included salary, $11,400; commission, $17,720; and interest, $540. Her adjustments to income were payments to a retirement plan, $1,000
Cassidy's gross income for the year included salary, $11,400; commission, $17,720; and interest, $540. Her adjustments to income were payments to a retirement plan, $1,000 and 2 exemptions at $4,000 each. Find her taxable income.
Sandy just received her first pay check. Her gross pay was $399.15. She has the following deductions: Social Security tax 6.2%, Medicare tax 1.45%, federal withholding tax $76.56, and state withholding $24.75. What is her take home pay for the week?
Which of the following statements is false for a person wanting to use and file a Form 1040EZ tax return?
a. Taxable income is less than $100,000.
b. No more than 2 dependents, in addition to the taxpayer plus spouse.
c. Taxable interest is not over $1,500.
d. Filing status is either single or married filing jointly only.
Sue's employer withheld $72.50 from her weekly paycheck for federal income taxes. She calculated that the total federal income tax that she owes for the year is $4,219. How much more does she owe?
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