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Cogito

Consumer Math · Chapter 6 · Lesson 3

Practice Worksheet

Filing and Withholding

Why a refund is not a bonus.

12 problems · about 20 minutes · TEKS M.M.6.C

NameDate

Figure — use these to answer the problems

Withheld against actually owed. Withholding more than owed produces a refund of the difference.
Withheld5500
Owed5000
Tax withheld5500
Tax actually owed5000
Figure 1

Warm Up

Straightforward practice. Get the method working first.

5 problems

  1. Withheld $6000, owed $5400. Refund in dollars?

    Answer

  2. What is a tax refund?

    • A return of tax you overpaid during the year.
    • A payment from the government for filing.

  3. Withheld $7000, owed $6200. Refund in dollars?

    Answer

  4. Withheld $3000, owed $3500. Amount due in dollars?

    Answer

  5. Withheld $5000, owed $5000. Refund in dollars?

    Answer

Build It Up

The same ideas with more to keep track of.

3 problems

  1. Is a refund extra money from the government? 1 yes, 0 no.

    Answer

  2. Does money held as withholding earn you interest? 1 yes, 0 no.

    Answer

  3. $460 withheld monthly for 12 months. Annual withholding in dollars?

    Answer

Stretch Yourself

Mixed problems. Work out what kind of question it is before you start.

4 problems

  1. Put the tax year in order.

    Write 1 to 4 in the boxes to put these in order.

    • Tell your employer your withholding details.
    • Tax is withheld from each paycheque all year.
    • File a return computing what was actually owed.
    • Receive a refund or pay the balance.

  2. Withheld $8000, owed $7100. Refund in dollars?

    Answer

  3. The Refund

    Withheld $5500, owed $5000. Refund in dollars?

    Answerdollars

  4. The Bill

    Withheld $4000, owed $4600. Amount still due, in dollars?

    Answerdollars