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Quiz One, Taxation and Cost Acct Accounting 325, Spring 2014 2:00pm Tue-Thu Class Name Christophe Red ID Chapter 1,3.9-Cost Accounting Chapters 1, 3,-Taxation 1. Steve Jobs died in 2013 leaving an estate valued at $126,000,000. His Will left $10.00,000 to San Diego State University: S105,000,000 to his wife; and $11,000,000 to his children. Steve had made prior taxable gifts of $1,000,000 to some friends. The amunt of federal estate tax due with Steve's federal estate tax return is? a $48,300000 62,'00.000 e Nothing, because Congress specifically exempted Steve from tax because of his contributions to techmological advancement that put the US into the 21 Century 2. In nesolving an ethical conflict, which of the following would NEVER be appropriate? discussing the matter with the chief executive officer dliseussing the matter with an member of the board of directors e taking the maner to the press where there is no legal requirement aesigning from the position because of a conflict 3 Jaya Singh in single man, received a salary from IBM in 2013 of $50,000. At the same time, in 201&, Singh earned S1.000,000 as a self employed financial advisor Singh's Additional Medicare Tax is: S3023500 11706 h $90450.00 $7.20000 e $72.000.00 4. T has a tax base of $30,000 and pays a tax of $2,500 on the first $25,000 and $750 on the next $5,000. In addition to the taxable income, T also has Non-taxable municipal bond income of $5.000. What is T's effective tax rate? 1.928 percent ree (20000 15 percent c 20 percent 2500 10.83 pervent e. None of the above