Mike and Lisa Lerner had combined wages of $91,301 last year. They also had a bank interest of$792 and $667. They received stock dividends of$287 and $530. During the year, Lisa won a$1,000 prize. Find the total income from wages, bank interest, dividends, and the prize.

Drew is single with a taxable income for last year of $83,472. His employer withheld$16,998 in federal taxes. Use the tax tables from Lesson 7-1 in this workbook to determine Drew's tax. b. Does Drew get a refund? c. Find the difference between Drew's tax and the amount withheld by his employer.

The Kivetsky family had an adjusted gross income of $119,245.61. They included medical deductions on Schedule A. They had$14,191 in medical expenses. Medical insurance covered 80% of these expenses. The IRS allows medical and dental expenses deductions for the amount that exceeds 10% of a taxpayer's adjusted gross income. How much can they claim as a medical deduction?

Parker is single and paying off his graduate student loan. The monthly payment is $679.34. He is hoping to receive an income tax refund that is large enough to make at least one monthly payment. His taxable income is$77,911 and his employer withheld $19,458 in federal taxes. a. How much of a refund will Tony receive? b. How many loan payments will Parker be able to make with this refund?

The Holfester family took $5 \frac{1}{2}$ hours to gather information for their Schedule A. The itemized deductions saved them $4,095 in taxes. What was the meani savings per hour to fill out Schedule A? Round to the nearest dollar.

Paul and Mary had $78,111.19 in income from their jobs and their bank interest. They also had$2,139 worth of moving expenses, and Paul paid $6,000 in alimony. These two expenses are deductions from income. Find their adjusted gross income.

Arthur's employer withheld $15,987.76 in federal income tax. After completing his return, Arthur has determined that his tax is$18,945.22. Will Art get a refund, or does he owe the IRS and how much?

The Lowatsky family had $9,441 worth of hurricane damage that was not covered by insurance. They need to follow IRS procedures to take a casualty deduction on Schedule A. a. The IRS requires that$100 be deducted from each casualty. What is the total casualty loss after the $100 is deducted? b. Their adjusted gross income is$67,481. Find 10% of their adjusted gross income. c. Their Schedule A casualty deduction can be found by subtracting 10% of the adjusted gross income from the answer to part a. What is their casualty loss deduction?

Elizabeth works for Picasso Paint Supplies. Her annual salary is $72,580. a. What is Elizabeth's annual Social Security deduction? b. What is Elizabeth's annual Medicare deduction? c. Elizabeth is paid every other week. What is her biweekly gross pay? d. Each pay period, Elizabeth's employer deducts 21% for federal withholding tax. What is the total amount withheld for federal tax from Elizabeth's annual salary? e. If Elizabeth is taxed at an annual rate of 2.875% for city tax, how much is deducted from her salary per paycheck to withhold that tax? f. As of January 1, Elizabeth will receive a 9.1% raise. What will Elizabeth's annual salary be?

Davia and Bill are married and file their taxes jointly. Davia's taxable income was $50,675 and Bill's was$32,802. Davia's employer withheld $11,654 in federal taxes. Bill's employer withheld$7,345 in federal taxes. a. What is their combined taxable income? b. Use the tax tables from Lesson 7-1 in this workbook to determine their tax. c. Do they get a refund? d. Find the difference between their tax and the amount withheld by their employers.

A taxpayer's annual Social Security tax is $6,107. What is the taxpayer's gross annual salary?

Eileen is a married taxpayer who files jointly with her husband. Their combined taxable income is X dollars and their tax is Y dollars. Eileen's employer withheld A dollars from her salary and her husband's withheld B dollars from his salary during the year. a. Write an algebraic expression for the amount they would receive should they get a refund. b. Write an algebraic expression for the amount they would owe in taxes if the combined amount withheld was not enough to cover the tax they owe.

Anita's adjusted gross income was a dollars last year. The IRS allows medical arid dental expense deductions for the amount that exceeds 10% of a taxpayer's adjusted gross income. If she had m dollars of medical expenses last year, and 80% of these expenses were covered by her insurance, express her medical expense deduction algebraically.

Examine the tax schedule for the years 1914 and 2015. The schedule in 1914 applied to all taxpayers. The schedule for 2015 is for a single taxpayer. Marginal Tax Rate is the rate of tax a taxpayer pays at his/her income level. $$ \begin{matrix} \text{} & \text{1914} & \text{}\\ \text{Marginal Tax Rate} & \text{Tax Brackets} & \text{}\\ \text{} & \text{Over} & \text{But not over}\\ \text{1.0\\%} & \text{\$0} & \text{\$20,000}\\ \text{2.0\\%} & \text{\$20,000} & \text{\$50,000}\\ \text{3.0\\%} & \text{\$50,000} & \text{\$75,000}\\ \text{4.0\\%} & \text{\$75,000} & \text{\$100,000}\\ \text{5.0\\%} & \text{\$100,000} & \text{\$250,000}\\ \text{6.0\\%} & \text{\$250,000} & \text{\$500,000}\\ \text{7.0\\%} & \text{\$500,000} & \text{}\\ \end{matrix} $$ a. What was the marginal tax rate for a taxpayer with a taxable income of $40,000 in 1914? b. What was the marginal tax rate for a taxpayer with a taxable income of$40,000 in 2015? c. Based on the marginal tax rate, find the difference in tax between a single taxpayer in 1914 making $90,000 and a single taxpayer in 2015 making the same amount.