AnswersASSIGN FULL - EVP PGCPS FINANCIAL LITERACY OC FALL2026 - 7950605.4 Tax Returns

Topic Test Answers

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21
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On your property tax bill, you see the following table.DestinationShare of Your TaxesRoads$241Schools$896Public Safety$154Township$177What percentage of your taxes went to funding public safety?

A
10.49%
B
12.06%
C
11.72%
D
8.94%
22
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Kevin, while calculating his tax adjustments, notes that he can make adjustments of $3,435 for contributions to his retirement plan, $3,393 for business losses, and $1,128 for business expenses. If Kevin’s gross income is $45,942, what is his adjusted gross income?

A
$53,898
B
$40,242
C
$41,421
D
$37,986
23

Calculate the Social Security and Medicare tax that would be applied to an annual salary of $35,400.

A
Social Security tax: $2,194.80, Medicare tax: $513.30
B
Social Security tax: $21,948.00, Medicare tax: $5,133.00
C
Social Security tax: $6,621.60, Medicare tax: $513.30
D
Social Security tax: $66,216.00, Medicare tax: $5,133.00
24

Say that you pay property taxes of $2458.20 every year. If your state has a property tax rate of 0.082, what is the assessed value of your property?

A
$29,978
B
$20,157
C
$25,517
D
$21,946
25

Doug is filing singly. His net taxable income is $80,575. Every week, $304 is withheld from his earnings for income tax. Based on the table below, what can Doug expect when his taxes are due?

Question illustration
A
Doug will receive a refund of $123.
B
Doug will receive a refund of $2,977.
C
Doug will owe an additional $1,125.
D
Doug will owe an additional $731.
26

Andrew earns $45,300 in taxable income annually, and pays federal income taxes of $5,345.40. What is Andrew’s net federal income tax rate?

A
8.47%
B
15.1%
C
11.8%
D
9.1%
27

According the the chart below, what percentage of the Simpsons’ annual expenses is taxes?

Question illustration
A
10%
B
14%
C
24%
D
34%
28

According to the graph below, what percent of the Simpsons’ annual expenses is state taxes?

Question illustration
A
10%
B
14%
C
24%
D
34%
29

Yolanda makes $1,196 gross income per week and has claimed two allowances. According to the table below, what is Yolanda’s weekly net income after tax withholding?

Question illustration
A
$879
B
$317
C
$873
D
$1,513
30

Wendy is calculating her tax deductions. She finds that she can deduct $5,522 from medical expenses, $7,240 from charitable donations, and $2,126 from property taxes. What is Wendy’s total deduction?

A
$5,700
B
$15,104
C
$18,284
D
$14,888
31

Ralph’s annual expenses for the upcoming year are summarized in the chart below. Based on the information in the graph, approximately what percent of his total annual income is Ralph having withheld for taxes?

Question illustration
A
6%
B
18%
C
30%
D
36%
32

Look at the withholding table below. If you earn $426 in gross income every week and get to keep $348 of it after tax withholding, how many allowances have you claimed?

Question illustration
A
One
B
Two
C
Three
D
Four
33

One possible solution to a diminishing Social Security payroll is to increase the Social Security tax by 1.89%. How would such an increase effect the tax on an annual salary of $54,000?

A
Annual tax would increase by $1,020.60.
B
Annual tax would increase by $2,327.40.
C
Annual tax would increase by $3,348.00.
D
Annual tax would increase by $4,368.60.
34

Say that you own property with a market price of $74,000. The state tax assessors have given it an assessed value of 48% of that amount. If your state’s property tax rate is 0.031, how much do you owe in property tax, to the nearest dollar?

A
$1,101
B
$2,294
C
$35,520
D
$1,193
35

Explain how filing your tax return online can make payments easier.

Answer not available
36

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

A
More taxed workers than beneficiaries means that the system is collecting more money for the money being drawn out. This leaves money in the system and secures benefits for future beneficiaries.
B
More taxed workers than beneficiaries means more money is being drawn from the system for the money put in. This leaves a shortage of money in the system making benefits for future beneficiaries insecure.
C
More taxed workers than beneficiaries means that the system is collecting more money for the money being drawn out. This leaves a shortage of money in the system making benefits for future beneficiaries insecure.
D
More taxed workers than beneficiaries means more money is being drawn from the system for the money put in.This leaves money in the system and secures benefits for future beneficiaries.
37

Say that you pay property taxes of $2458.20 every year. If your state has a property tax rate of 0.082, what is the assessed value of your property?

A
$29,978
B
$20,157
C
$25,517
D
$21,946
38

Which of the following is something you would not expect to see withheld from your paycheck?

A
federal income tax
B
state income tax
C
sales tax
D
Social Security
39

Leigh is the head of a household and earned $43,763 in taxable income this year. Over the course of the year, her employer withheld a total of $6322 for income tax. Based on the table below, what can Leigh expect when her taxes are due?

Question illustration
A
Leigh will owe the IRS $379.
B
Leigh will owe the IRS $966.
C
Leigh will receive a refund of $316.
D
Leigh will receive a refund of $558.
40

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?

Question illustration
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.

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