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Paying Your Taxes Math Quiz

Question 1 of 3

Q1 . You earned $96,000 last year. Your effective tax rate is; Federal: 16.3, FICA: 7.65, state: 4.5. If you have added them all and subtracted them from your gross income, what would be left of your income from last year?

Q2 . You earn an amount of $22,000. The tax table says you owe $3,456 in taxes. During the year, your tax withholdings were $5,333. What is the refund amount?

Q3 . You are told that the credit score of yours, i.e. 650, is far better than 40% of the population. Also, you neighbor has a credit score, then which of the following is true?

Q4 . You found that every month you make a loan payment on time, your credit score goes up by 3 points. How much time will it take if you wish to raise it from 640 to 700?

Q5 . You receive three credit scores: 680, 695, 705. What is the average credit score?

Q6 . Your income is $42,000, and you had medical expenses of $567. You discovered you can deduct medical expenses over 6% of your income. What portion of your medical expenses can you deduct?

Q7 . You earned $88,000 last year. You invested $4,500 in an IRA and $2,400 in a 401k. You will be deducted the total from your Federal Income taxes. What did you save just in Federal Income Taxes when you are in a tax bracket that pays 25% of your income in Federal Income Taxes per year?

Q8 . You earned $34,000, and your total tax due was $6,200. What was your average tax rate?

Q9 . A bank tells you that increasing your credit score by 50 points will reduce your interest rate on your $10,000 car loan by 1 percent. How much you can save in the first year.

Q10 . You are not paying federal taxes up to $9,525, 12% for income from $9,526 up to $38,700, 22% for income from $38,701 up to $82,500. If your income is $57,890, how much taxes do you need to pay in the end?