Math of Finance B
Review Game for Taxes and Budget
Q1
The filing status of head of household is for
_____________________ taxpayers who have
dependents.
Single
Q2
____________________________ is a form
used to list or itemize deductions that are
subtracted from a taxpayer’s income before
the amount of tax owed is looked up o the tax
table.
Schedule A
Q3
A W-2 is a __________ and ________ Statement
that gives information on income and
withholding amounts.
Wage and Tax
Q4
The _______________________________, is
the only form that a filer can use if they have
interest income from dividends, alimony, or
prize money.
Long-form or 1040
Q5
_______________________ is paid on earned
income such as wages and tips.
Income Tax
Q6
______________________ is paid on unearned
income such as interest, dividends, rental
income, capital gains, and winnings.
Income Tax
Q7
• Dawn is verifying the accuracy of her
paycheck. She earns $12 an hour and works
40 hours each week. Her weekly deductions
are Social Security 6.2%, Medicare 1.45%,
federal withholding tax $73.25, state
withholding tax $22.50, and health insurance
$37.47. What is her net pay if she is paid
biweekly?
$310.06
Q8
Which statement is true about the differences
between the income on a W-2 and that on a 1099
form?
a. 1099 income is already taxed where the income
on a W-2 is untaxed.
b. A 1099 form is for income other than wages.
c. The income on a W2 is money from interest,
royalties, rents, and more.
d. The 1099 income is not reported to the IRS while
the W-2 income is reported.
B.
Q9
Which statement is NOT part of a debtreduction plan?
a. Lower debts with the highest interest rates.
b. Slow or eliminate credit card spending.
c. Only pay the minimum amount when
possible.
d. Use an online debt management calculator.
C.
Q10
Manuel works for the water company as a meter
reader. The meter below is the Jansen’s water
meter. What is the reading, in ccf, on the
meter shown?
5690
Q11
Last year, Maria spent $3,266 for natural gas. This
year, she decided to use balance billing. What will
her monthly payment be this year?
$272.17
Q12
• Mrs. Watanabe is choosing a cell phone plan.
One plan costs $35 a month and includes 450
minutes. The charge for each minute over 450
is $0.16. The company also offers an unlimited
calling plan with a $55 monthly charge. At
how many minutes would the cost of the two
plans be the same?
575 min
35 + 0.16 (x-450)=55
Q13
Last month, Marybeth was charged $116 for 845
kWh of electricity. How much did the
company charge her per kWh, to the nearest
cent?
$0.14
Q14
Kathy and Jeff Miller have a combined income of
$93,366. Their 1099 forms report $1,200 in
interest and $4,922 income from rental property.
They reduce their income by $3,500. What is
their adjusted gross income?
95,988
93,366 + 1,200 + 4,922 - 3,500
Q15
What word is another word for take-home pay?
Net pay
Q16
What is the term for a Wage and Tax statement?
Form W-2
Q17
Nancy filled out this portion of Schedule A
deducting her mortgage interest of $7,310,
her real estate taxes of $3,988, and her state
income taxes of $4,080. What error did Nancy
make? Her answer in line 15 is incorrect.
Q18
Chris’ taxable
income is
$60,709. She is
married, filing
jointly. What is
her tax?
$8,306
Q19
A single mother who
files head of
household pays a tax
of $10,881. Use the
table to find her
taxable income
interval.
Between $63,250 and
$63,300
Q20
Part A: Using the pie chart, what is the
measurement of the central angle of the sector
for movies?
64.8
Part B: Using the pie chart, if the entire
entertainment budget is $550, how much is spent
on concerts?
$176
Q21
Maria and Juan are married, filing jointly. Their
taxable income is $154,849. Calculate their tax
and show your work
$32,101.72