Question
Bill, age 30, is a single taxpayer with W-2 wages of $96,000. In addition, Bill receives $6,000 of tax-exempt interest income and he has $5,000
Bill, age 30, is a single taxpayer with W-2 wages of $96,000. In addition, Bill receives $6,000 of tax-exempt interest income and he has $5,000 interest income from his savings account at Citibank. He has from AGIdeductions totaling $10,000.
What is Bills gross income, subject to tax?
| a. $90,000 | ||
| a. $96,000 | ||
| c. $101,000 | ||
| d. $102,000 | ||
| e. $107,000 |
What is Bills adjusted gross income?
| a. $90,000 | ||
| b. $96,000 | ||
| c. $101,000 | ||
| d. $102,000 | ||
| e. $107,000 |
What is Bills taxable income?
-
What is Alicia's taxable income?
a. $88,450
b. $88,600
c. $90,000
d. $90,100
e. $96,000
What is Bills tax liability (rounded)?
-
What is Alicia's tax liability (rounded)?
a. $498
b. $14,605
c. $14,751
d. $15,249
e. $21,250
What is Bills marginal tax rate?
-
What is Alicias marginal tax rate?
a. 10%
b. 12%
c. 22%
d. 24%
e. 32%
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Advanced Accounting Concepts And Practice
Authors: Arnold J. Pahler
9th Edition
0324233531, 978-0324233537
