A person with a total tax liability of $6,450 and withholding of federal taxes o
ID: 2332055 • Letter: A
Question
A person with a total tax liability of $6,450 and withholding of federal taxes of $4,600 would:
receive a refund of $6,450.
owe $1,850.
owe $6,450.
receive a refund of $1,850.
receive a refund of $4,600.
An itemized deduction of $6,400 with a 38 percent tax rate would reduce a person's taxes by:
$3,584.00.
$2,432.00.
$6,400.00.
$6,438.00.
$6,208.00.
George Franklin paid taxes of $4,800 on a taxable income of $35,000. What was his average tax rate?
25.60%
15.00%
22.86%
10.94%
13.71%
Using the following table, calculate the taxes for an individual with taxable income of $24,800.
10%
Up to $8,900
15%
$8,900–$36,500
25%
$36,500–$87,600
28%
$87,600–$180,400
33%
$180,400–$387,150
35%
Over $387,150
$5,475.
$6,365.
$890.
$24,800.
$3,275.
A tax credit of $320 for a person in a 28 percent tax bracket would reduce a person's taxes by:
$224.
$179.2.
$89.6.
$320.
$64.
A person with a total tax liability of $6,450 and withholding of federal taxes of $4,600 would:
Explanation / Answer
1 Amount owed = 6450-4600 = $1850 owe 2 Reduction in taxes = 6400*38%= $2432 3 Average tax rate = 4800/35000= 13.71% 4 Taxes due = (8900*10%)+(24800-8900)*15%= $3275 5 A tax credit of $320 for a person in a 28 percent tax bracket would reduce a person's taxes by 320
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