Question 1

A school district has placed a tax levy on the ballot requesting 6.7 mills because a previous 4.9 mill levy is due to expire. The assessment rate in the district is 60%, and the total market value of property in the district is $768,000,000. How much additional funding will the new levy generate for the school district?

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Question 2

Mr. and Mrs. Evans want to buy a house. One house they are considering is assessed for $116,000 and has a property tax rate of 41.2 mill per dollar. A second house is assessed for $125,000 and has a property tax rate of $3.50 per $100. What is the difference in the property tax amounts?

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Question 3

Preston's house is assessed at $145,000. He received a tax assessment for $9,425. What is his tax rate?

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Question 4

The tax rate on the Hamilton's house is $50 per $1,000. The market value of their house is $289,000 and the assessed value is 60%. How much tax is due?

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Question 5

Malcolm qualifies to use a 1040EZ form for his taxes. His total wages for the year were $19,800. He does not claim himself as a dependent because his parents claim him. What is his taxable income?

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Question 6

_______________ is the additional tax form that must be completed when itemizing deductions.

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Question 7

Raymond and Jackie Davis are married and file a 1040 jointly. Raymond earns $35,000 and Jackie earns $43,400 for the year. They have five children. They have earned interest of $800 and both contributed $3,500 to individual IRAs. Their itemized deductions are $6,281 in medical and dental expenses, $7,290 in real estate taxes, $10,120 in home mortgage interest, $1,150 in student loan interest, and $4,800 in charitable contributions. Calculate Raymond and Jackie's taxable income.

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Question 8

Baji earned $5,900 the first quarter. By the end of the second quarter, his total earnings were $10,850. How much state unemployment tax did Baji's employer pay for Baji's second quarter earnings if the SUTA rate is 5.3%?

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Question 9

Match between columns
                        Premises: Assessed Rate
Property Tax
Market Value
Personal Property
Assessed Value

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Question 10

A state has a state unemployment tax rate of 5.2%. What is the FUTA rate in that state?

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Question 11

For couples who are married filing jointly and that itemize, if the amount itemized is over ________, use the itemized figure. If the itemized deductions are less than this amount, then use the standard deduction.

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Question 12

Selina is single with a minor daughter. Besides the standard deduction of $5,450, how much should she deduct from her taxes for exemptions?

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Question 13

Dubois County needs $15,000,000 to build a new courthouse. The real property in the county is assessed at $469,000,000. What property tax rate is needed to raise $15,000,000? Round to the nearest tenth percent.

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Question 14

Alfred works as a cook. The owner of the restaurant where he works is calculating Alfred's FUTA. Alfred's first quarter earnings were $3,950. By the end of the second quarter, Alfred's gross earnings were $8,200. How much FUTA will Alfred's employer pay for the second quarter earnings if the FUTA rate in that state is 2.7%, up to and including $7,000?

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Question 15

Mitchell Joseph is married. His wife Jennifer is currently unemployed, and she does not receive unemployment benefits. Mitchell earned $24,500 as a machinist. Mitchell's income tax withholding was $843. Mitchell and Jennifer had $785 in capital gains and $245 in interest income. They jointly file a 1040A when doing their taxes. Using a tax table, determine how much additional tax they owe or what is their refund.

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Question 16

What tax document is supplied by an employer to an employee which shows the federal taxes, Social Security, and Medicare taxes withheld?

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Question 17

Pyuish and Vi Kashia file a 1040 jointly. Pyuish earned $37,570 and Vi earned $41,230. The Kashias have three children. Both Pyuish and Vi contributed $2,000 to their IRAs. They had $3,129 in medical and dental expenses. They paid $2,670 in real estate taxes, $1,220 in student loan interest, $4,890 in mortgage interest, and made $3,000 in charitable contributions. What is their taxable income?

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Question 18

Alan Glasgow is single and worked two jobs during the year. He earned $13,500 at one job and had $738 in taxes withheld. He worked another job earning $8,729 and had $575 in taxes withheld. Alan deducts $985 in interest on a student loan. He files a 1040A. Use a tax table. What is the tax owed or refund for Alan?

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Question 19

Jeff and Kathy O'Connor file a 1040 jointly. Jeff earned $39,000 and Kathy earned $13,700 working part time. The O'Connors have four children. Jeff contributed $3,500 to his IRA. They had $5,200 in medical and dental expenses. They paid $4,390 in real estate taxes, $7,260 in mortgage interest, and made $1,500 in charitable contributions. Together they had $1,825 withheld for income tax during the year. Using a tax table, how much additional tax do they owe or what is their refund?

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Question 20

When completing a 1040EZ form, use this formula: _________________ = Total Income - Standard Deduction - Exemptions

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Quiz 6: Taxes