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41) Mark Collins had an adjusted gross income of

Question : 41) Mark Collins had an adjusted gross income of : 2139071

Find the tax in the following application problems. Use $4050 for each personal deduction, a

standard deduction of $6300 for single taxpayers, $12,600 for married taxpayers filing jointly, $6300 for

married taxpayers filing separately, and $9300 for head of household and the tax rate schedule.

41) Mark Collins had an adjusted gross income of $26,741 last year. He had deductions of $899 for state income tax, $555 for property tax, $2,824 in mortgage interest, and $221 in contributions. Collins claims one exemption and files as a single person.

A) $ 1,994.90

B) $ 3,631.30

C) $ 1,311.15

D) $ 2,356.30

42) The Greenwoods had an adjusted gross income of $57,492 last year. They had deductions of $1,095 for state income tax, $4,205 for property tax, $5,320 in mortgage interest, and $2,261 in contributions. The Greenwoods claim four exemptions and file a joint return.

A) $ 3,334.15

B) $ 4,902.75

C) $ 3,813.80

D) $ 5,841.65

43) Lilly Donaldson had wages of $31,706, other income of $2,962, dividends of $213, interest of $328, and a regular IRA contribution of $839 last year. She had deductions of $1,271 for state income tax, $1,440 for property tax, $1,460 in mortgage interest, and $713 in contributions. Donaldson claims three exemptions and files as head of household.

A) $ 393.00

B) $ 1,275.50

C) $ 1,870.00

D) $ -114,399.60

44) Brian Moss had wages of $80,745, dividends of $374, interest of $684, and adjustments to income of $1,066 last year. He had deductions of $878 for state income tax, $452 for city income tax, $988 for property tax, $7,336 in mortgage interest, and $182 in contributions. He claims three exemptions and files as head of household.

A) $ 10,051.75

B) $ 3,387.75

C) $ 8,985.25

D) $ 8,362.65

45) Glenn and Natalie Dowling had combined wages and salaries of $69,117, other income of $5,258, dividend income of $317, and interest income of $664. They have adjustments to income of $2,435. Their itemized deductions are $9,180 in mortgage interest, $1,611 in state income tax, $846 in real estate taxes, and $1,193 in charitable contributions. The Dowlings filed a joint return and claimed four exemptions.

A) $ 5,656.15

B) $ 4,243.65

C) $ 8,772.75

D) $ 6,128.15

46) Jennifer Binh is single and claims one exemption. Her salary last year was $95,949, and she had other income of $5,852 and interest income of $8,110. She has adjustment to income of $2,218 for an IRA contribution. Her itemized deductions are $4,996 in mortgage interest, $2,376 in state income tax, $1,642 in real estate taxes, and $782 in charitable contributions.

A) $ 19,674.25

B) $ 2,967.16

C) $ 19,313.91

D) $ 21,111.04

Find the total annual premium. Use the fire insurance rate table. Rates are for each $100 of insurance.

47)

Area Rating:

1

Building Classification:

A

Building Value:

$ 182,000

Contents Value:

$ 38,000

 

A) $ 677.40

B) $ 57.66

C) $ 713.20

D) $ 576.60

48)

Area Rating:

3

Building Classification:

C

Building Value:

$ 438,000

Contents Value:

$ 149,000

A) $ 4,442.70

B) $ 3,951.40

C) $ 2,306.00

D) $ 395.14

49)

Area Rating:

2

Building Classification:

B

Building Value:

$ 878,000

Contents Value:

$ 451,000

 

A) $ 6,858.50

B) $ 7,447.20

C) $ 643.15

D) $ 6,431.50

50)

Area Rating:

4

Building Classification:

B

Building Value:

$ 291,000

Contents Value:

$ 102,000

 

A) $ 2,278.20

B) $ 296.79

C) $ 3,005.70

D) $ 2,967.90

Solution
5 (1 Ratings )

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