Question 1:

Joanna received $78,900 compensation from her employer, the value of her stock in ABC company appreciated by $12,200 during the year (but she did not sell any of the stock), she received $46,400 of life insurance proceeds from the death of her husband. What is the amount of Joanna's gross income from these items?

Multiple Choice

a) $78,900.

b) $91,100.

c) $137,500.

d) $125,300.

Question 2:

Jamison's gross tax liability is $8,250. Jamison had $2,100 of available credits and he had $4,250 of taxes withheld by his employer. What is Jamison's taxes due (or taxes refunded) with his tax return?

Multiple Choice

a) $6,150 taxes due.

b) $1,900 taxes due.

c) $1,900 tax refund.

d) $4,000 taxes due.

Question 3:

Madison's gross tax liability is $9,350. Madison had $4,410 of tax credits available and she had $8,460 of taxes withheld by her employer. What is Madison's taxes due (or taxes refunded) with her tax return?

Multiple Choice

a) $0 taxes due and $0 tax refund.

b) $4,940 taxes due.

c) $3,520 tax refund.

d) $890 taxes due.