Kathy's house is assessed at 113,000. This year, she owes 6,780 in property taxes. What is her tax rate?
A) 5.50
B) 5.75
C) 6.0
D) 6.5
Q. 2A tax credit and a tax deduction have the same meaning.
Indicate whether the statement is true or false
Q. 3A low-income worker who qualifies for the EIC, Earned Income Tax Credit, could have a credit that is more than the federal taxes withheld.
Indicate whether the statement is true or false
Q. 4An individual or couple will choose to itemize their deductions when those deductions are less than the standard deduction.
Indicate whether the statement is true or false
Q. 5Either federal unemployment tax or state unemployment tax is paid by an employer, but not both.
Indicate whether the statement is true or false
Q. 6When a taxed is levied, it means that a tax is assessed or collected.
Indicate whether the statement is true or false
Q. 7A spreadsheet contains employee salary information used to calculate payroll deductions. Column D contains weekly gross earnings, Column E contains Social Security, Column F contains Medicare, Column G contains federal income tax, and Column H contains state income tax. Assume Cells E2, F2, and H2 contain the percent rates for each respective deduction. What formulas would be contained in Cells E3, F3, and H3 to calculate payroll deductions for an employee? Use absolute cell references.
Q. 8Mr. Ortiz is paid a salary of 575 each week and 5 commission on sales over 10,000 less any returned merchandise. His sales information is located in a spreadsheet where salary is in Cell B2, commission rate expressed as a decimal is in Cell C2, returns are in Cell D2, and total weekly sales are in Cell E2. What formula should be in Cell F2 to calculate Mr. Ortiz's net weekly pay?
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