Income Taxes

Gross income through adjusted gross income, standard versus itemized deductions, tax owed from bracket tables, and refund or balance due against withholding.

Math in Society, Income Taxes

Status

FlagsLoading your progress…

15 exercises

Exercise 1

Which decreases your tax bill more, a credit or a deduction?

2.5

Exercise 2

You are in the 12% tax bracket and get a credit of $500. How has the amount of taxes owed changed?

2.5

Exercise 3

You are in the 12% tax bracket and get a deduction of $500. How has the amount of taxes owed changed?

2.5

Exercise 4

Can you take the standard deduction and itemize your deductions?

2.5

Exercise 5

Can you make adjustments to your income and take the standard deduction?

2.5

Exercise 6

If you decide to take the standard deduction what have you considered?

2.5

Exercise 7

Shaysiah has paid $13,500 in mortgage interest which she can take as a deduction and has $1,900 in other deductions that she can take this year. She is filing as single. Should she itemize her deductions or take the standard deduction?

2.5

Exercise 8

If you are married do you have to file your taxes together?

2.5

Exercise 9

Fredrick is concerned about the effect of a raise on his taxes. He's getting a raise of $3,000, putting him into a higher tax bracket by $1,000 dollars. He's concerned about his entire income being taxed at 22% instead of 12%. Should he be concerned? Why or why not?

2.5

Exercise 10

A single person with taxable income of $95,000 will have the first $11,600 of that income taxed at what rate? Determine the taxes owed on just the first $11,600.

2.5

Exercise 11

A single person with taxable income of $185,000 will have the first $11,600 of that income taxed at a different rate than the income between $11,600 and $47,150. Determine the taxes owed on just the second bracket.

2.5

Exercise 12

Using the simplified 2024 tax table, determine the income tax owed for a single person who has $90,000 of taxable income.

2.5

Exercise 13

Doug and Chris are filing jointly. They owe $16,589 in taxes. Throughout the year they had $13,456 withheld from their paychecks, and they can claim an energy credit of $2,500 for purchasing a hybrid vehicle. Determine the amount they will need to pay or will get refunded.

2.5

Exercise 14

Heather owes $7,589 in taxes. Throughout the year she had $6,456 withheld from her paychecks and she can claim an education credit of $1,980. Determine the amount she will need to pay or will get refunded.

2.5

Exercise 15

Determine the amount of taxes owed or the refund that would result in this situation:

Filing Status: Married filing jointly
Gross Income: $135,000
Adjustments: $5,600
Itemized Deductions: $19,400
Credits: $15,000
1. What is their adjusted gross income (AGI)?
2. Should they itemize or take the standard deduction?
3. Use the simplified 2018 tax tables to determine their taxes.
4. What is their final tax refund or amount…

2.5