Review and Assessment

List the factors that determine the amount withheld for federal income tax.
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Slide 1: Slide
Economie

This lesson contains 10 slides, with interactive quizzes and text slides.

Items in this lesson

List the factors that determine the amount withheld for federal income tax.

Slide 1 - Slide

Objectives
1. Identify the FIT 
2. Determine the SIT  
3. Calculate graduated State income tax


Slide 2 - Slide

Example 1
Will Stevenson, a chemist who is married and claims 2 allowances, earns $600.50 a week.
How much does he have withheld from his weekly paycheck for federal income tax?
Step 1: Find the income range from the Married Persons table.
Step 2: Find the column for 2 allowances.
Step 3: Amount to be withheld is $33.00

Slide 3 - Slide

Maggie Brown, a customer service representative at Kelly’s Floral Designs, is single,
earns $455 weekly, and claims 2 allowances. What is the amount of federal income tax
withheld?

Slide 4 - Mind map

Angie Simon is a single Palmetto County deputy sheriff. She has $103.92 in
federal income tax withheld from her weekly salary. Her weekly salary exceeds $645.00.
She claims 2 withholding allowances. The county computes her federal income tax using
the percentage method. Use Figure 2.1 on page 130 to determine Angie’s weekly salary.

Slide 5 - Open question

Chris Butcher earns $21,423 per year as a forestry technician.
His exemptions include himself, his wife, and their son. The
state tax rate in his state is 4.5% of taxable income.

Slide 6 - Slide

Al Masters earns $32,500 as a medical lab technician. He is single with 1
dependent. His annual state income tax is $1,475. What is his state income tax rate?

Slide 7 - Mind map

Maurice Jordan’s annual salary as
a motorcycle mechanic is $18,750
paid in 26 pay periods. He is
married

Slide 8 - Open question

Slide 9 - Mind map

Discuss the elements of the lesson.

Slide 10 - Mind map