Tax Returns Practice Math Models A fully solved & updated

Tax Returns Practice
Math Models A fully
solved & updated
Mike has an adjusted gross income of $85,643. He claims two
exemptions and can deduct $896 for state income tax, $2,145 for
charitable donations, and $3,473 for medical expenses. If the
standard deduction is $5,700 and exemptions are each worth
$3,650, what is Mike's total taxable income?
a.
$72,643
b.
$75,479
c.
$71,829
d.
$66,129 - answer c. $71,829


Leigh is the head of a household and earned $43,763 in taxable
income this year. Over the course of the year, her employer withheld
a total of $6322 for income tax. Based on the table below, what can
Leigh expect when her taxes are due?
a.
Leigh will owe the IRS $379.
b.
Leigh will owe the IRS $966.
c.
Leigh will receive a refund of $316.

, d.
Leigh will receive a refund of $558. - answer c. Leigh will recieve a
refund of $316


Doug is filing singly. His net taxable income is $80,575. Every week,
$304 is withheld from his earnings for income tax. Based on the
table below, what can Doug expect when his taxes are due?
a.
Doug will receive a refund of $123.
b.
Doug will receive a refund of $2,977.
c.
Doug will owe an additional $1,125.
d.
Doug will owe an additional $731. - answer d. Doug will owe an
additional $731


Chris is calculating his deductions for his tax return. He is filing
singly. He can claim $1,813 from property taxes, $1,513 from
medical expenses, and $761 from state income tax. The standard
deduction for a single filer is $5,700. How does the standard
deduction compare to Chris's deductions?
a.
Chris's deductions are $1,437 more than the standard deduction.
b.
Chris's deductions are $2,087 less than the standard deduction.
c.
The standard deduction is $1,613 more than Chris's deductions.
d.