Grade 11 Tax Computation Worksheet
This worksheet covers various aspects of tax computation relevant to Grade 11 students, including income tax, deductions, and tax credits.
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Tax Computation Worksheet
Name:
Date:
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Read each question carefully and provide the best answer. Show all your work for computation problems.
1. The amount of income subject to tax after deductions is called income.
2. A reduces the amount of tax owed directly, dollar for dollar.
3. Money earned from wages, salaries, tips, and investments is known as .
4. Expenses that can be subtracted from gross income to reduce taxable income are called .
1. Which of the following is NOT typically considered taxable income?
Wages from a job
Scholarship for tuition
Interest from a savings account
Income from a side hustle
2. If a taxpayer has a tax liability of $2,500 and qualifies for a $500 tax credit, what is their final tax owed?
$3,000
$2,500
$2,000
$1,500
1. Sarah earned $35,000 in gross income last year. She has $5,000 in deductions. Using the tax bracket below, calculate her total tax liability.
Tax Bracket: 10% on income up to $10,000, 12% on income over $10,000 up to $40,000.
2. Explain the difference between a tax deduction and a tax credit, and provide an example of each.
1. All income earned by an individual is subject to federal income tax.
True
False
2. Filing status (e.g., single, married filing jointly) can affect an individual's tax liability.
True
False
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