Exam 6: Taxes

Either federal unemployment tax or state unemployment tax is paid by an employer, but not both.

A spreadsheet has an employee's adjusted gross income in Cell E2, standard deduction in Cell F2, and exemption allowances in Cell G2. Which of the following is a formula to calculate taxable income?

When a taxed is levied, it means that a tax is assessed or collected.

For couples who are married filing jointly and that itemize, if the amount itemized is over ________, use the itemized figure. If the itemized deductions are less than this amount, then use the standard deduction.

Baji earned $5,900 the first quarter. By the end of the second quarter, his total earnings were $10,850. How much state unemployment tax did Baji's employer pay for Baji's second quarter earnings if the SUTA rate is 5.3%?

Marion County is in need of $12,000,000 to replace the sewer system. The real property in the county is assessed at $691,000,000. What property tax rate would be required to raise $12,000,000, rounded to the nearest tenth of a percent?

Pyuish and Vi Kashia file a 1040 jointly. Pyuish earned $37,570 and Vi earned $41,230. The Kashias have three children. Both Pyuish and Vi contributed $2,000 to their IRAs. They had $3,129 in medical and dental expenses. They paid $2,670 in real estate taxes, $1,220 in student loan interest, $4,890 in mortgage interest, and made $3,000 in charitable contributions. What is their taxable income?

Jamika wants to calculate her property taxes. She looks on her tax statement and sees that the tax rate is 47 mills per dollar. How can she calculate her property taxes?

Name two ways a SUTA tax rate of 3% could be stored in a cell in Excel to be used in calculations.

The tax rate on Jennifer's house is 28 mills per dollar. The market value of her house is $185,000 and the assessed value is 75%. How much tax is due?

Mr. and Mrs. Evans want to buy a house. One house they are considering is assessed for $116,000 and has a property tax rate of 41.2 mill per dollar. A second house is assessed for $125,000 and has a property tax rate of $3.50 per $100. What is the difference in the property tax amounts?

_______________ is the additional tax form that must be completed when itemizing deductions.

Selina is single with a minor daughter. Besides the standard deduction of $5,450, how much should she deduct from her taxes for exemptions?

Alan Glasgow is single and worked two jobs during the year. He earned $13,500 at one job and had $738 in taxes withheld. He worked another job earning $8,729 and had $575 in taxes withheld. Alan deducts $985 in interest on a student loan. He files a 1040A. Use a tax table. What is the tax owed or refund for Alan?

The Technology Center had total wages of $316,900 in the first quarter. The SUTA rate in that state is 5.5%. How much state unemployment tax will the company pay if none of its employees reached the maximum amount of $9,000?

Who is responsible for paying federal and state unemployment taxes?

What tax document is supplied by an employer to an employee which shows the federal taxes, Social Security, and Medicare taxes withheld?

Christina has recently been hired as an account assistant. Which form will Christina's employer require her to complete in order to have the appropriate amount of federal taxes withheld from her wages?

A property has an assessed value of 80% of its fair market value. If you were writing an Excel formula to calculate the assessed value of the property, what value would be used to multiply by the fair market value?

Mitchell Joseph is married. His wife Jennifer is currently unemployed, and she does not receive unemployment benefits. Mitchell earned $24,500 as a machinist. Mitchell's income tax withholding was $843. Mitchell and Jennifer had $785 in capital gains and $245 in interest income. They jointly file a 1040A when doing their taxes. Using a tax table, determine how much additional tax they owe or what is their refund.