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Personal Income and Property Taxes
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Terms in this set (30)
Income tax
An income tax is a taxed levied on the income of individuals by both state and federal officials to pay towards state and federal programs.
Property tax
A property tax is a tax derived from the value of real estate such as homes, business property and farm land.
Tax refund
A tax refund is a refund paid to a tax payer when the amount paid in taxes exceeds the amount owed.
IRS
The Internal Revenue Service (IRS) is a branch of the federal government that oversees the collection of taxes.
Withholding allowance
A withholding allowance is an allowance that can be claimed on a W-4 form, thus reducing the amount paid towards taxes.
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?
$879
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?
$1,101
Mark lives in a state that charges him 6.1% income tax on his federal taxable income. If his federal taxable income is $79,400, how much does Mark pay in state income tax?
$4,843.40
You own a house and land with an assessed value of $55,580. Every year, you pay a total of $2,834.58 in property taxes. What is your local property tax rate?
0.051
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?
11.8%
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?
One
Ian's house and land have a market price of $225,000 and an assessed value of 55% of that amount. His state has a property tax rate of 0.088. How much does Ian pay in property tax every year?
$10,890
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?
$29,978
Abby lives in a state in which the state income tax rate is equal to 5.38% of federal taxable income. Abby's federal income tax is equal to 19.6% of her federal taxable income. If Abby owes $8,880.17 in federal income tax, how much does she owe in state income tax?
$2,437.52
If Carol's taxable income is $89,786, how much income tax does she owe, to the nearest dollar?
$19,636
You make $443 per week, and have claimed five exemptions. How much money will be withheld from you in a year?
$2,392
Assume that you pay $2,849.84 in state property taxes every year. If your property has an assessed value of $41,302, what is your state's property tax rate?
0.069 or 6.9%
Robert makes $951 gross income per week and keeps $762 of it after tax withholding. How many allowances has Robert claimed?
Four
If Mary's taxable income is $68,562, how much income tax does she owe, rounded to the nearest dollar?
$13,564
Agnes pays state income tax equal to 3.75% of her federal taxable income. She pays federal income tax equal to 28.4% of her federal taxable income. This year, she paid $15,449.60 in federal income tax. How much did Agnes pay in state income tax?
$2,040.00
This year, you owed $6,414.95 in federal income tax. If you are taxed at a net rate of 17%, what was your taxable income for this year?
$37,735
Arthur's yearly taxable income totals $116,600, and he pays $30,910.66 in federal income tax every year. Approximately what is Arthur's net federal income tax rate?
26.5%
You earn $1,166 gross taxable income every week, and have claimed no exemptions. Assuming that you have no other sources of income, what is the amount of income tax withheld each week?
$340
Kathy makes $66,000 per year, and she pays a net federal income tax rate of 18.85%. How much should Kathy expect to pay in taxes every year?
$12,441
What percentage of your taxes went to funding public safety?
10.49%
David's salary totals $79,000 per year. He can expect to pay federal income tax at a rate of 23.60%. How much money will David pay in federal income taxes every year?
$18,644
If your state has a property tax rate of 0.056, and you pay $3,164.45 in property taxes every year, what is the assessed value of your property?
$56,508
Tina lives in a state that charges her 4.5% state income tax on her federal taxable income. If her federal taxable income is $61,600, how much does Tina pay in state income tax?
$2,772
You have a home with a market value of $144,700, which has an assessment value of 72% of that amount. Your city has a property tax rate of 0.039. You know that 65% of your property tax dollars go to public schools. To the nearest dollar, how much of your taxes went to funding schools?
$2,641
If Mary's taxable income is $68,562, how much income tax does she owe, rounded to the nearest dollar?
$13,564
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