Multiple Choice: 60 points 1. The marginal tax rate is the rat that will be saved by the next dollar of deduction. a. True b. False I be paid on the next dollar of income or 2. Which of the following payments is a tax? Artis paid the IRS a penalty of $475 (above his $11,184 because he had significantly underpaid his estimated inco Lindsey paid $135 to the State of Indiana to renew her C income tax balance due) II Carrie paid a $3.50 toll to cross the Mississippi Riv me tax. PA license. 0 to the County Treasurer's Office for an assessment on his business equipment. a. Only statement IV is correct. b. Only statement I is correct. c. Statements II and IV are correct. d. Statements I, II, and III are correct. e. Statements I, II, III, and IV are correct. 3. Robert paints houses for a living. Shelly hires Robert to paint her house for $5,000, but is unable to pay him cash. Instead Shelly offers to give Robert an antique gold watch, which she paid $3,000 for years ago. How much should Robert include in his gross income? a. $O b. $3,000 c. $5,000 d. $8,000 4. Under the all-inclusive income concept, the tax law always starts with the proposition that all receipts of cash are taxable. a. True b. False 5. During 2017, Ricky has the following cash receipts: Wages: $25,000 Unemployment compensation: $1,000 What is Robert's 2017 Gross Income? a. $350 b. $25,000 c. $25,350 Interest from City of Denver Bonds: $350 d. $26,000