Personal Income and Property Taxes Answers

Tina lives in a state that charges her 4.5% state income tax on her federal taxable income. If her federal taxable income is $61,600, how much does Tina pay in state income tax?

Which of the following statements accurately describes the result of a decreasing worker-per-beneficiary ratio in the Social Security system?

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?

Which of the following criteria would not make a person eligible to receive medicare benefits?

This year, you owed $6,414.95 in federal income tax. If you are taxed at a net rate of 17%, what was your taxable income for this year?

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?

Below is a graph of the Murphys’ annual expenses. How much will the Murphys’ pay in state/local taxes if their gross annual household income is $85,420?

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?

Henry is up for retirement after 35 long years at his pharmacy. Before retiring, he would like to know how much he would receive each month from Social Security if he were to retire. During his 35 years, Henry averaged an annual salary of $45,620. Assuming he would receive 42% of his annual average each year, how much can Henry expect to receive from Social Security on a monthly basis?

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

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?

Determine the total annual FICA tax for an annual salary of $38,480. (FICA is 7.65%)

Kathy makes $66,000 per year, and she pays a net federal income tax rate of 18.85%. How much should Kathy expect to pay in taxes every year?

Sally has just finished her thirty-fifth year with her company and is getting ready to retire. During her thirty-five years, Sally’s average annual salary was $45,603. How much can Sally expect to receive from Social Security annually if she were to retire today? (Assume she will receive 42% of her average annual salary.)

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?

Christina will be retiring next month from her job after 35 years as a school bus driver. Over the last 35 years, Christina’s annual salary averaged $22,040. She expects to receive some money each month from Social Security and plans to take the rest of the money she needs to pay the monthly bills from savings. Each month her bills total to about $1,375. Assuming her annual Social Security benefit will be 42% of her salary average, how much will she need to take from savings each month to help pay the bills?

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $235,430. Use $106,800 for maximum taxable earnings.