Hello dear,

Question 7 and 4 only

please can I get it clear so I can read it.

Thank you

Problems 1. Daniel Simmons arrived at the following tax information: Gross salary, $54,250 Dividend income, $140 Itemized deductions, $7,000 Interest eanmings, $75 One personal exemption, S3,950 Adjustments to income, $850 What amount would Daniel report as taxable income? (LO3.2) 2. If Samantha Jones had the following itcmized deductions, should she use Schedule A or deduction? The standard deduction for her tax situation is $6,200 1O3.2) Donations to church and other charities, $3,050 I and dental expenses exceeding 10 percent of adjusted gross income, S450 State income tax, $920 Job-related expenses exceeding 2 percent of adjusted gross income $1.450 3. What would be the average tax rate for a person who paid taxes of $6.435 on ta xable income of S40780? (LO3.2) 4. Based on the following data, would Beth and Roger Simmons receive a refu owe additional taxes? (LO3.2) Adjusted gross income, $42.140 Itemized deductions, $12.240 Federal income tax withheld, $6.686 Tax rate on taxable income, 10 percent Credit for child and dependent care expenses, $400 Amount for personal evemptions S11,850 3 was withheld during the year and taxes owed were $4,122, would the per- (L03.2) son owe an additional amount or receive a refund? What is the amount? 6. Noor Patel has had a busy year! She decided to take a cross-country adventure. Along the way, she won a new car on "The Price Is Right" (valued at $14,000) and won $500 on a scratch-off lottery ticket the first time she ever played). She also signed up for a credit card to start the trip and was given a sign-up bonus of $100. How much will she have to include in her federal taxable income? (LO3.2) 7. Using the tax table on page 81, determine the amount of taxes for the following situations: (LO3.3) a. A head of household with taxable income of S55,000. b. A single person with taxable income of $35,000. c. Married taxpayers filing jointly with taxable income of $72.000. 8. I1 300,000 people each receive an average refund of $2,500, based on an interest rate of 3 (L032) percent, what would be the lost annual ncome from savings on those refunds? 9. Using the tax table in Exhibit 3-5, determine the amount of tases for the following situations: (LO3.3) a. A head of household with taxable income of S97.525 b. A single person with taxable income of $97,001. c. A married person filing a separate return with taxable income of $97,365 10. Wendy Brooks prepares her own income tax return each year. A tax preparer would charge her $75 for this service. Over a period of 10 years, how much does Wendy gain from preparing her own tax return? Assume she can earn 3 percent on her savings. (LO3.3) o 1L Betty Sims has $30,000 of adjusted gross income and $5,000 of medical expenses. She will be itemizing her tax deductions this year. The most recent tax year has a medical expenses floor of 10 percent. How much of a tax deduction will Betty be able to take? (L03.3) 12. Each year, the Internal Revenue Service adjusts the value of an exemption based on inflation (and rounds to the nearest $50). If the exemption in a recent year was worth $3.950 and inflation was 1.2 percent, what would be the amount of the exemption for the upcoming tax year? (LO3.3) id you prefer a fully taxable investment earning 10 percent or a tax-exempt investment earning 8.25 percent? Why? (Assume a 25 percent tax rate.) (L03.4) 13. Would 101