4. In 2015, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of $30,000. Using the abbreviated 2015 tax schedule for single filers below, compute her tax liability. $ 0 to $ 9,225 10% , $9,225 to $37,450 15%

a. $4,039.

b. $4,500.

c. $5,423.

d. none of the above

NEW

5. Using the same facts as in the question above, compute Cheryls tax liability if her income consisted of $26,000 in wages and $4,000 in long term capital gains.

a. $4,500.

b. $4,039.

c. $3,840.

d. $3,439.

NEW

6. Referring to the facts in Question 4, what would Cheryls tax liability be if the $30,000 included $6,000 she withdrew from her IRA to pay off her credit cards. Cheryl is 35.

a. $4,039.

b. $4,500.

c. $4,639.

d. $5,239.

NEW

7. Which of the following taxpayers is required to take a minimum distribution from their retirement account?

a. Pete, who has a 401-K and is age 68 and retired.

b. Roger, who has a 401-K with his employer, and is still working at age 73.

c. Don, who is still working at age 71, and has an IRA.

d. Roger and Don, but not Pete.