2.2.2: Exercises
- Page ID
- 83275
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- Laars earns an annual salary of $60,000. Determine his gross earnings per pay period under each of the following payment frequencies:
- Monthly
- Semi-monthly
- Biweekly
- Weekly
- A city has a sales tax of 10.25%. What would be the sales tax on a $2575.57 purchase? Round to the nearest cent.
- The tax on gas in California went up to $0.511 cents per gallon in July 2021. If an average gallon of gas costs $4.31 per gallon, what is the effective tax rate of the gas tax? Round the percent to two decimal places.
- Samantha and Anahi carpool to work to split the cost of gas. They each pay $120 per month to cover the cost of the commute. If Samantha makes $3200 a month and Anahi makes $4100, what is the effective tax rate on their income? Would this be considered a progressive, regressive, or flat tax rate?
- Alex bought a new gaming system with several games that retailed at $435 before tax. They noticed the tax charged was $42.41. What was the sales tax rate of that city?
- Use the 2021 Federal Income Tax Brackets at the end of this page for the following questions.
- Determine the federal income tax on $23,325 for a single individual.
- Determine the federal income tax on $152,904 for married individuals filing jointly.
- Determine the federal income tax on $102,350 for a single individual.
- Adrian made $40,525 in 2021 and is filing as single. Melany made $40,526 in 2021 and is also filing as single. Melany thinks that since both she and Adrian make approximately the same amount of money, they should be in the same tax bracket. Using the tax bracket chart, determine if Melany’s claim is true. Find the difference in the amount of taxes they paid.
- Brenda made $41,685 in 2021 and is filing single. Luz made $51,892 filing as Head of Household. Brenda claims to Luz that since she is making less money, that she will pay less in taxes. Using the tax chart below, determine if Brenda’s claim is true. Find the difference in the amount of taxes they paid and state who paid more. What is each of their effective tax rates?
- A lawmaker proposed that everyone will pay the same amount of taxes. Fill in the following table by writing out each rate. Determine if this is an example of a progressive, regressive, or flat tax rate.
| Rate | For Single Individuals | Amount of Tax Paid |
|---|---|---|
| $6,500 | $2,500 | |
| $9,951 | $2,500 | |
| $40,526 | $2,500 | |
| $86,376 | $2,500 | |
| $164,926 | $2,500 | |
| $209,426 | $2,500 | |
| $523,601 | $2,500 |
2021 Federal Income Tax Brackets and Rates for Single Filers, Married Couples Filing Jointly, and Heads of Households
| Rate | For Single Individuals | For Married Individuals Filing Joint Returns | For Heads of Households |
|---|---|---|---|
| 10% | of any amount up to $9,950 | of any amount up to $19,900 | of any amount up to $14,200 |
| 12% | of the portion above $9,950 up to $40,525 plus $995 | of the portion above $19,900 up to $81,050 plus $1990 | of the portion above $14,200 up to $54,200 plus $1420 |
| 22% | of the portion above $40,525 up to $86,375 plus $4664 | of the portion above $81,050 up to $172,750 plus $9328 | of the portion above $54,200 up to $86,350 plus $6220 |
| 24% | of the portion above $86,375 up to $164,925 plus $14751 | of the portion above $172,750 to $329,850 plus $29502 | of the portion above $86,350 up to $164,900 plus $13296 |
| 32% | of the portion above $164,925 up to $209,425 plus $33603 | of the portion above $329,850 up to $418,850 plus $ 67206 | of the portion above $164,900 up to $209,400 plus $32148 |
| 35% | of the portion above $209,425 up to $523,600 plus $47843 | of the portion above $418,850 up to $628,300 plus $95686 | of the portion above $209,400 up to $523,600 plus $46388 |
| 37% | of the portion above $523,600 or more plus $157804 | of the portion above $628,300 or more plus $168994 | of the portion above $523,600 or more plus 156358 |