Paying Your Taxes Math Quiz

10 Questions | By Shaveta | Last updated: Mar 21, 2022 | Total Attempts: 92

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Do you pay your taxes on time? Do you know how to calculate the tax amount? You can take this paying your taxes math quiz to see how well you know about the tax deductions and other calculations in tax payment. Basically, tax is the amount you pay to the government, which is further used for public services. This quiz will help you practice taxes and other payments. You will learn new calculations too. All the best for a perfect score. Share the quiz with friends and see how good they are at tax payments.

Questions and Answers

1.

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?
- A.
  
  $27,198
- B.
  
  $68,688
- C.
  
  $15,369
- D.
  
  $48,245
2.

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?
- A.
  
  12 months
- B.
  
  20 months
- C.
  
  180 months
- D.
  
  3 months
3.

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?
- A.
  
  $1,825
- B.
  
  $2,025
- C.
  
  $2,235
- D.
  
  $1,725
4.

You receive three credit scores: 680, 695, 705. What is the average credit score?
- A.
  
  693
- B.
  
  695
- C.
  
  700
- D.
  
  690
5.

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?
- A.
  
  $9,201
- B.
  
  $12,741
- C.
  
  $6,855
- D.
  
  $7,723
6.

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?
- A.
  
  His score is better than 40% of the population.
- B.
  
  His score is better than 30% of the population.
- C.
  
  His score is better than 50% of the population.
- D.
  
  His score is better than 10% of the population.
7.

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?
- A.
  
  $56
- B.
  
  $0
- C.
  
  $60
- D.
  
  $30
8.

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.
- A.
  
  $1
- B.
  
  $10
- C.
  
  $100
- D.
  
  $1,000
9.

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?
- A.
  
  $22,000
- B.
  
  $1,877
- C.
  
  $5,333
- D.
  
  $3,456
10.

You earned $34,000, and your total tax due was $6,200. What was your average tax rate?
- A.
  
  18%
- B.
  
  8%
- C.
  
  5%
- D.
  
  20%