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Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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7) Francisco is single, and he earned $76,380 in 2020. He paid a total of $8,838 in 2020 for benefits, including his health insurance premiums and 401(k) contributions. He paid $4,064 in state and local taxes, paid $3,528 in property taxes, paid $7,284 in mortgage interest, and donated $1,800 to charity in 2020. Assume that there are no other tax-deductible expenses or special adjustments to his taxable income. Find Francisco's taxable income for 2020.
Note: The 2020 standard deduction for a single tax filer is $12,400.

$50,866
$38,466
$55,142
$63,980
 
8) 

Olivia is single, and her taxable income for 2020 is $23,983. A total of $2,951.83 was withheld from her paychecks in 2020 for federal income taxes. Which of the following best describes her situation?

Use the following tax rate chart:

If Taxable Income Is: The Tax Is:

Not over $9,875

10% of the taxable income

Over $9,875 but not over $40,125

$987.50 plus 12% of the excess over $9,875

Over $40,125 but not over $85,525

$4,617.50 plus 22% of the excess over $40,125

Over $85,525 but not over $163,300

$14,605.50 plus 24% of the excess over $85,525

Over $163,300 but not over $207,350

$33,271.50 plus 32% of the excess over $163,300

Over $207,350 but not over $518,400

$47,367.50 plus 35% of the excess over $207,350

Over $518,400

$156,235 plus 37% of the excess over $518,400

Group of answer choices
She will receive a refund of $268.05.
She will receive a refund of $271.37.
She owes $268.05 to the IRS.
She owes $271.37 to the IRS.
 
 
9) 

Sam and Sue are married, and their joint taxable income for 2020 was $53,585. A total of $1,732.00 was withheld from Sam's paychecks in 2020 for federal income taxes. A total of $5,201.25 was withheld from Sue's paychecks in 2020 for federal income taxes. Which of the following best describes their situation?

Use the following tax rate chart:

If Taxable Income Is: The Tax Is:

Not over $19,750

10% of the taxable income

Over $19,750 but not over $80,250

$1,975 plus 12% of the excess over $19,750

Over $80,250 but not over $171,050

$9,235 plus 22% of the excess over $80,250

Over $171,050 but not over $326,600

$29,211 plus 24% of the excess over $171,050

Over $326,600 but not over $414,700

$66,543 plus 32% of the excess over $326,600

Over $414,700 but not over $622,050

$94,735 plus 35% of the excess over $414,700

Over $622,050

$167,307.50 plus 37% of the excess over $622,050

Group of answer choices
They owe $603.52 to the IRS.
They owe $898.05 to the IRS.
They will receive a refund of $898.05.
They will receive a refund of $603.52.
 
10) 

Mike's annual salary after deductions for benefits is $77,997.  Calculate his total annual FICA taxes.

Note:  FICA taxes include 6.2% for Social Security and 1.45% for Medicare

Group of answer choices
$5,966.77
$4,835.81
More information is needed.
$11,933.54
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Francisco is single, and he earned $76,380 in 2020. He paid a total of $8,838 in 2020 for benefits, including his health insurance premiums and 401(k) contributions. He paid $4,064 in state and local taxes, paid $3,528 in property taxes, paid $7,284 in mortgage interest, and donated $1,800 to charity in 2020. Assume that there are no other tax-deductible expenses or special adjustments to his taxable income. Find Francisco's taxable income for 2020.
Note: The 2020 standard deduction for a single tax filer is $12,400.

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