Kerri is single and claims two exemptions. Last year she earned 48,800 in wages. Additional tax information for the year is as follows: interest earned: 229; capital gains from sale of stock: 2,650; penalty on early withdrawal of savings: 400; contributions to Keogh retirement fund: 1,500; real estate taxes paid: 4,500; mortgage interest paid: 4,200. Find the taxable income for the year.
A) 33,179
B) 44,150
C) 37,795
D) 39,912
Q. 2At a red-tag sale, all items with red tags have been marked down by 49. What should be the sale price of a DVD player having a red tag, if the pre-sale price was 234.95?
A) 185.95
B) 115.13
C) 119.82
D) 210.65
Q. 3Karen is single and claims one exemption. Last year she earned 36,300 in wages. Additional tax information for the year is as follows: interest earned: 125; capital gains from sale of stock: 1,650; penalty on early withdrawal of savings: 300; contributions to Keogh retirement fund: 1,900; real estate taxes paid: 3,000; mortgage interest paid: 3,100. Find the taxable income for the year.
A) 25,725
B) 35,275
C) 29,175
D) 37,475
Q. 4A television set that previously sold for 319.95 has been reduced to 303.95. What is the markdown percent? (Round to the nearest whole percent)
A) 12
B) 6
C) 8
D) 5
Q. 5Dave and Alana are married and claim 4 exemptions. Last year Alana earned 31,300 and Dave earned 25,100 in wages. Additional tax information for the year is as follows: interest earned: 2,600; penalty on early withdrawal of savings: 200; contributions to IRA retirement fund: 2,500; real estate taxes paid: 2,500; mortgage interest paid: 6,800. Find the taxable income if they file a joint return.
A) 56,400
B) 59,000
C) 28,100
D) 26,000
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