Income Taxes #1

Assume that your wages for the year were $47,500.00 and you earned $510.00 in tips. You also earned $600.00 in interest from your savings account. Your W-2 form shows that you had $3,030.00 in federal income withheld. Your parents cannot claim you on their income tax return. Compute your taxes.

Assume that you are married. You made $25,000.00 and your spouse made $17,000.00. You recieved $12,000.00 in unemployment compensation. You earned $310.00 in tips and your spouse earned $610.00 in tips. You earned $450.00 in interest from your savings account and your spouse earned $435.00 in interest from a savings account. Your W-2 form shows that you had $3,210.00 in federal income tax withheld and your spouse's W-2 form shows $2,875.00 withheld. Compute your taxes.

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Business and Marketing Teacher
Palo Verde High School
Las Vegas, NV

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