Tax Refund Question Preview (ID: 61630)


Tax Refund. TEACHERS: click here for quick copy question ID numbers.

What percent of your gross income is withheld for Social Security Tax?
a) 6.2%
b) 1.45%
c) 7.65%
d) 4.95%

What percent of your gross income is withheld for Medicare Tax?
a) 1.45%
b) 6.2%
c) 7.65%
d) 4.95%

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) $8,135
c) $7,359
d) $7,122

A married person with a gross income of $146,000 would have how much Federal Income Tax withheld with 0 allowances?
a) $26,026
b) $24,300
c) $25,250
d) $25,950

A head of household with a gross income of $26,000 would have how much Federal Income Tax withheld with 0 allowances?
a) $624
b) $890
c) $1,440
d) $602

How do you calculate tax refund?
a) Tax Liability - Tax Payments
b) Tax Liability + Medical Expenses
c) (Tax Liability * 0.22) - Tax Payments
d) Tax Liability / Dependents

On a W-4 form, the more allowances claimed, the…
a) Less money that is withheld from your paycheck
b) More money that is withheld from your paycheck
c) Larger your refund
d) Smaller your refund

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) $396.55
b) $355.24
c) $324.12
d) $308.56

Can you get a refund if your income is too low to pay taxes?
a) Yes, due to certain tax credits available
b) No, there is no refund for 0 tax liability
c) Yes, you get all of your state taxes returned to you
d) No, your refund is retuned to the government

What is a tax refund?
a) Money returned when your tax payments exceeds your tax liability
b) Money returned that has been stolen
c) Money returned for medical expenses throughout the year
d) Money returned if you bought a house, car, or boat in the last year

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