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1. Daniel Simmons amrived at the following tas information: Gioss salary, $$62,250$ Intereat earnings, $$75$ Dividend income, $$140$ Adjustments to income, $$850$ Standard deduction, 512,400 What amount would Daniel report as taxable income? (LO3 . 2) 2. If Samantha Jones had the following itemized dedsctions, should she use Schedule A or the standard deduction? The standard deduction for her tax mituation is \$12,400. (LO3.2) Donations to church and other charities, \$5,050 Medical and dental expenses exceeding 10 percent of adjusted gross income, $$2,450$ Mortgage interest, $$3,100$ State income tax, $$2,920$ 3. What would be the average tax rate for a person who paid taxes of $$4,706$ on taxable income of $$40,780$ ? $(t.032)$ 4. Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? (L.O3.2) 5. If $$4,323$ were withheld during the year and taxes owed were $$4,122$, would the person owe an additional amount or receive a refund? What is the amount? (LO3.2) 6. Noor Patel has had a busy yeat! She decided to take a cross-country adventure. Along the way, ahe won a new car on The Price Ir Right (valued at $$15,500$ ) and $$500$ on a scratch-off lottery ticket (the first time she ever played). She also signed up for a credit card to start the trip and was given a sign-up bonus of $$100$. How much from these will she have to include in ber federal taxable income? (L.O3.2)
6. Noor Patel has had a busy year She decided to take a cross-country adventare. Aloog the way, the won a pew car on The Price Ls Righ (valued at $$15,500$ ) and $$500$ on a scratch-off lottery ticket (the first time she ever played). She also signed up for a eredit card to start the trip and was given a sign-up bonus of $$100$. How moch from these will she have to inchude in her federal taxable income? (LO3.2) 7. Using the tax table on page 100 , determine the amount of taxes for the following situations: (LO3.3) a. A head of boaschold with taxable income of $$55,000$. b. A single person with taxable income of $$35,000$. c. Married taxpayers filing jointly with taxable income of $$72,000$. 8. If 300,000 people each receive an average refund of $$2,500$, based on an annal interest rate of 3 percent, what would be the lont annal income from savings on those refunds? (LO3.2) 9. Using the tax table in Exhibit 3-5, determine the amount of taxes for the following situations: (LO3.3) a. A bead of household with taxable income of 589,525 . b. A single perion with taxable income of 589,001 . c. A married person filing a separate return with taxable income of 589,365 . 10. Wendy Brooks prepares her own income tax return each year. A tax preparer would charge her $$75$ for this service. Over a period of 10 years, bow much does Wendy gain from preparing ber own tax return? Asstme she can earn 3 percent on ber savings ( $(LO3.3)$ 11. Julia Sims has $$30,000$ of adjasted gross income and $$5,000$ of medieal expenses. She expects to itemize ber tax dedoctions this year. The most receat tax year has a medical expenses floor of 10 percent. How much of a tax deduetion for medical expenses will Julia be abie to take? (LO3,3) 12. Allison has retumed to school after five years put of the work force. She is taking one course at the local university for a cost of 51,500 . To minimize her taxes, should ahe take a tuition and fees deduetion or an education credit? (Assume a 15 perceti tax rate.) (LO3.4) 13. W. voie prefer a fully taxable investment earning 10 percent or a tax-exempt investmant earning 8.25 percent? (hosume a 24 peroent tax rate.) Why? $(LO_{3}.4$ ) 14. On December 30 , you make a $$3,000$ charitable donation. $(2O3,4)$ a. If you are in the 24 percent tax bracket, how much will you save in taxes for the current year? b. If vou deoosit that tax savinas in a savines account for the next five vearn at $S$ oerceat. Wbat wall be the future value of
for medical expenses will Julia be able to take? (LO33) 12. Allison has returned to school after five years out of the work force. She is taking one course at the local whiversity for a cost of $$1,500$. To minimize her taxes, should she take a tuition and fees deduction or an education credit? (Assume a 15 percent tak rate.) (LO3.4) 13. Would you prefer a fully taxable investment earning 10 percent or a tax-exempt investment earning 8.25 percent? (Assume a 24 percent tar rate.) Why? ( $LO3.4$ ) 14. On December 30, you make a $$3,000$ charitable donation. (LO3.4) a. If you are in the 24 percent tax bracket, how much will you save in taxes for the current year? b. If you deposit that tax savings in a savings account for the next five years at 8 percent, what will be the future value of that account? 15. Reginald Sims deposits $$5,500$ each year in a tax-deferred retirement account. If he is in a 22 percent tax bracket, by what amount would his tax be reduced over a 20-year time period? (LO3.4) 16. If a person in a 32 percent tax bracket makes a deposit of $$5,000$ to a tax-deferred retirement account, what amount would be saved on current taxes? (LO3.4)

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