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Section 4 Inclass Quiz

Section 4 Inclass Quiz - 3 Using the tax tables at the...

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Acc 200P Name: ________________________ Lab Section #_________________ Section 4 – Introduction to Taxation Shauna is a single adult with no children. During 2009, she had the following information available: Her gross income was $60,000. Deductions for adjusted gross income amounted to $3,000. Itemized deductions totaled $10,000. She is eligible for a standard deduction of $5,700. She is eligible for a personal exemption of $3,650. She had $7,000 in federal income taxes withheld. She has no tax credits. Based on this information, answer the following questions: 1. What is Shauna’s adjusted gross income (AGI)? $_____________ 2. What is Shauna’s taxable income? $______________
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Unformatted text preview: 3. Using the tax tables at the bottom of the page, calculate Shauna’s tax liability. $____________ 4. Calculate Shauna’s tax due or refund. $_______________ 5. If Shauna had made $1,000 more in income during the year, what percentage of this amount would be paid in federal income taxes? ____ % Single Filing Status (2009) (Tax Rate Schedule X) • 10% on income between $0 and $8,350 • 15% on the income between $8,350 and $33,950; plus $835 • 25% on the income between $33,950 and $82,250; plus $4,675 • 28% on the income between $82,250 and $171,550; plus $16,750...
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