90. (p. 79) Janet is completing her federal income taxes for the year and has identified the amounts listed below. How much can she rightfully deduct?
· AGI: $40,000
· Medical and dental expenses: $600
· State income taxes: $500
· Mortgage interest: $6,500
· Charitable contributions: $750
A. $1,850
B. $6,500
C. $7,250
D. $7,750
91. (p. 79) Sam and Diane are completing their federal income taxes for the year and have identified the amounts listed below. How much can they rightfully deduct?
· AGI: $90,000
· Medical and dental expenses: $10,000
· State income taxes: $4,500
· Mortgage interest: $10,500
· Charitable contributions: $2,000
A. $13,750
B. $20,250
C. $22,500
D. $25,000
E. $27,000
92. (p. 82) Jason’s household consists of himself, his wife, and their 2-year old daughter. How much can Jason claim for his exemptions?
A. $1,000
B. $3,500
C. $7,000
D. $10,500
E. $15,000
93. (p. 83) Using the table below, calculate the taxes for an individual with taxable income of $20,000.
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A. $802.50
B. $2,598.75
C. $3,000
D. $4,481.25
E. $20,000
94. (p. 83) Using the table below, calculate the taxes for an individual with taxable income of $30,000.
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A. $802.50
B. $3,678.75
C. $4,098.75
D. $4,500
E. $4,481.25
95. (p. 83) Using the table below, calculate the taxes for an individual with taxable income of $50,000.
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A. $4,481.25
B. $8,843.75
C. $12,500
D. $15,253.75
E. $16,056.25
96. (p. 84) If Jack was in a 28% tax bracket and received a $2,000 tax deduction, how much would his taxes be reduced?
A. $28
B. $56
C. $560
D. $1,440
E. $2,000
97. (p. 84) If Diane was in a 28% tax bracket and received a $2,000 tax credit, how much would her taxes be reduced?
A. $28
B. $56
C. $560
D. $1,440
E. $2,000
98. (p. 84) George Franklin paid taxes of $4,400 on a taxable income of $42,000. What was his average tax rate?
A. 10%
B. 10.5%
C. 15%
D. 28%
E. 85.5%
