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Taxes — Test Answers

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21
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Which line on Form 1040 is used to enter the $⁢30,000 in wages?

A
line 13
B
line 1a
C
line 5
D
line 10
22
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Based on the provided information, what is Alice's total taxable income?

A
50 dollars comma 000
B
58 dollars comma 000
C
44 dollars comma 150
D
62 dollars comma 000
23

Caden's taxable income is $⁢75,000 What is the total amount of tax Caden owes for his $⁢75,000 taxable income if he is filing as a single filer? The tax rates for his income are shown in the table.

A
12 dollars comma 805 point 1 6
B
12 dollars comma 135 point 2 8
C
11 dollars comma 807 point 5 0
D
11 dollars comma 050 point 1 6
24

A head of household has a taxable income of $75,000 How much federal income tax do they owe?

A
10 dollars comma 201
B
$8,890
C
$9,407
D
$8,678
25

What mistake did Brayan make in his tax calculation?

A
He added the tax amounts incorrectly.
B
He applied the 22 percent tax rate incorrectly.
C
He applied the wrong tax rate to the first 11 dollars comma 000 of his income.
D
He applied the wrong tax rate to the next 33 dollars comma 725 of his income.

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Taxes — Test Answers — Financial Math