4. In 2015, Cheryl, who is single and not a dependent of another taxpayer, has...
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4. In 2015, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of $30,000. Using the abbreviated 2015 tax schedule for single filers below, compute her tax liability. $ 0 to $ 9,225 10% , $9,225 to $37,450 15% a. $4,039. b. $4,500. c. $5,423. d. none of the above NEW 5. Using the same facts as in the question above, compute Cheryls tax liability if her income consisted of $26,000 in wages and $4,000 in long term capital gains. a. $4,500. b. $4,039. c. $3,840. d. $3,439. NEW 6. Referring to the facts in Question 4, what would Cheryls tax liability be if the $30,000 included $6,000 she withdrew from her IRA to pay off her credit cards. Cheryl is 35. a. $4,039. b. $4,500. c. $4,639. d. $5,239. NEW 7. Which of the following taxpayers is required to take a minimum distribution from their retirement account? a. Pete, who has a 401-K and is age 68 and retired. b. Roger, who has a 401-K with his employer, and is still working at age 73. c. Don, who is still working at age 71, and has an IRA. d. Roger and Don, but not Pete.
4. In 2015, Cheryl, who is single and not a dependent of another taxpayer, has taxable income of $30,000. Using the abbreviated 2015 tax schedule for single filers below, compute her tax liability. $ 0 to $ 9,225 10% , $9,225 to $37,450 15%
a. $4,039.
b. $4,500.
c. $5,423.
d. none of the above
NEW
5. Using the same facts as in the question above, compute Cheryls tax liability if her income consisted of $26,000 in wages and $4,000 in long term capital gains.
a. $4,500.
b. $4,039.
c. $3,840.
d. $3,439.
NEW
6. Referring to the facts in Question 4, what would Cheryls tax liability be if the $30,000 included $6,000 she withdrew from her IRA to pay off her credit cards. Cheryl is 35.
a. $4,039.
b. $4,500.
c. $4,639.
d. $5,239.
NEW
7. Which of the following taxpayers is required to take a minimum distribution from their retirement account?
a. Pete, who has a 401-K and is age 68 and retired.
b. Roger, who has a 401-K with his employer, and is still working at age 73.
c. Don, who is still working at age 71, and has an IRA.
d. Roger and Don, but not Pete.
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