QUESTION 1

1. Kit Fox had wages of $124,000 in 2015. How much did she end up paying in social security and Medicare taxes?

   $ 8789.40

   $ 8963.60

   $ 9145.00

   $ 9263.80

1 points

QUESTION 2

1. Bob Katz and Sally Mander are a married couple with four children. Total wages for 2015 equaled $96,400. Stock which had been purchased nine months earlier was sold for a $2,000 gain and stock held for three years was sold for a $7,000 gain. Interest income from savings was $100. Itemized deductions totaled $28,500. Bob and Sally qualify for a $1,500 tax credit. What is Bob's and Sally's taxable income?

   $39,000

   $44,600

   $46,000

   $44,800

1 points

QUESTION 3

1. Sally Mander bought stock for $10,000 in 2011 and sold the stock in 2015 for $16,000. Sally's marginal tax rate is 25%. What is Sally's tax liability on the sale of her stock?

   $600

   $900

   $1500

   $6000

1 points

QUESTION 4

1. Barry Cuda and Allie Gator, a married couple, have lived in their home for the past ten years. They purchased the home for $250,000 and just sold it for $850,000. What is the taxable amount of the sale proceeds?

   $0

   $100,000

   $600,000

   $850,000

1 points

QUESTION 5

1. Amarriedcouple (filing jointly and notitemizing)could make up to $20,600 in 2015 before they had to pay federal income taxes.TrueFalse