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Week 5 (Chapter 3)

For tax purposes, head-of-household refers to
a single individual with dependents.
Henry is married to Lillian, and they have two dependent children. Henry can legally file using which of the following filing statuses?
Married filing jointly
Your take-home pay is what you are left with after subtracting withholdings from your
gross earnings.
Your income tax withholding is dependent on
income level and number of withholding allowances.
____ would be considered taxable income.
Alimony received
You purchased and lived in your home 8 years. Now you have received an excellent promotion, but you will have to sell your home and move to another community. The capital gains on the home sold will
not be taxable because the home was your principal residence.
____ income is gross income less tax deductions and payments for insurance and retirement savings.
Take-home
The federal income tax is:
Progressive
Itemized non-business expenses do not include
life insurance premiums.
If you do not wish to itemize deductions, you can use the
standard deduction

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