Question: You will need to use the 2018 Tax Table from the class website. Standard Individual Deduction: $12,000 Adjusted Gross Income (AGI) = Wages + interest

You will need to use the 2018 Tax Table from the class website. Standard Individual Deduction: $12,000 Adjusted Gross Income (AGI) = Wages + interest Taxable income = AGI standard individual deduction Assume you were born after 1950, you are not blind and no one else can claim you as a dependent. #1. Your W-2 form reports that your total wages were $76,890 for 2018. Your W-2 form also reports that $9,187 was withheld from your wages for federal income tax. You receive a 1099- INT from your bank that indicated interest earned of $5866. You are single and not claimed by any other person as a dependent. 1. How much is your adjusted gross income? 2. How much is your taxable income? 3. What is your total tax for the year? 4. What is the amount of your payment or refund? 5. What tax bracket does this person fall into? #2. Your W-2 form reports that your total wages were $46,555 for 2018. Your W-2 form also reports that $6,398 was withheld from your wages for federal income tax. You receive a 1099- INT from your bank that indicated interest earned of $645. You are single and not claimed by any other person as a dependent. 1. How much is your adjusted gross income? 2. How much is your taxable income? 3. What is your total tax for the year? 4. What is the amount of your payment or refund? 5. What is your tax as a percent of taxable income? #3. Your W-2 form reports that your total wages were $111,284 for 2018. Your W-2 form also reports that $19,357 was withheld from your wages for federal income tax. You receive a 1099- INT from your bank that indicated interest earned of $12,603. You are married and will be filing as married filing jointly. 1. How much is your adjusted gross income? 2. How much is your taxable income? 3. What is your total tax for the year? 4. What is the amount of your payment or refund? 5. What is your tax as a percent of taxable income? 6. What tax bracket does this person fall into?

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