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Tax Refund
Test Description: Tax Refund
Instructions: Answer all questions to get your test result.
1) What percent of your gross income is withheld for Social Security Tax?
A
6.2%
B
4.95%
C
1.45%
D
7.65%
2) What percent of your gross income is withheld for Medicare Tax?
A
4.95%
B
1.45%
C
6.2%
D
7.65%
3) A single person with a gross income of $50,000 would have how much Federal Income Tax withheld with 0 allowances?
A
$7,953
B
$7,359
C
$7,122
D
$8,135
4) A married person with a gross income of $146,000 would have how much Federal Income Tax withheld with 0 allowances?
A
$25,250
B
$25,950
C
$24,300
D
$26,026
5) A head of household with a gross income of $26,000 would have how much Federal Income Tax withheld with 0 allowances?
A
$1,440
B
$602
C
$890
D
$624
6) How do you calculate tax refund?
A
(Tax Liability * 0.22) - Tax Payments
B
Tax Liability / Dependents
C
Tax Liability + Medical Expenses
D
Tax Liability - Tax Payments
7) On a W-4 form, the more allowances claimed, theā¦
A
Less money that is withheld from your paycheck
B
More money that is withheld from your paycheck
C
Smaller your refund
D
Larger your refund
8) A taxpayer had $2,654.01 withheld for Social Security and Medicare Tax with 0 allowances last year. $2,501.16 was withheld for Federal Income Tax. With exemptions, deductions, and credits, their tax liability is $4,758.62; calculate their tax refund.
A
$308.56
B
$324.12
C
$355.24
D
$396.55
9) Can you get a refund if your income is too low to pay taxes?
A
No, there is no refund for 0 tax liability
B
Yes, due to certain tax credits available
C
Yes, you get all of your state taxes returned to you
D
No, your refund is retuned to the government
10) What is a tax refund?
A
Money returned if you bought a house, car, or boat in the last year
B
Money returned that has been stolen
C
Money returned for medical expenses throughout the year
D
Money returned when your tax payments exceeds your tax liability
*select an answer for all questions
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