A spreadsheet has an employee's adjusted gross income in Cell E2, standard deduction in Cell F2, and exemption allowances in Cell G2. Which of the following is a formula to calculate taxable income?
A) =E2-F2-G2
B) =E2-F2
C) =E2-G2
D) =E2-F2+G2
Q. 2A property has an assessed value of 80 of its fair market value. If you were writing an Excel formula to calculate the assessed value of the property, what value would be used to multiply by the fair market value?
A) 8
B) 80
C) 0.8
D) 0.08
Q. 3Janet and Pat McGuire are married and file a 1040 jointly. Janet earns 28,000 and Pat earns 18,500 for the year. They have two children. They have earned interest income of 240. Janet contributed 2,000 to her IRA and Pat contributed 1,500 to his. Their itemized deductions are 3,750 in medical and dental expenses, 4,500 in real estate taxes, 7,480 in home mortgage interest, 1,000 in student loan interest, 1,100 in personal property taxes, and 675 in charitable contributions. Together, they had 3,200 withheld for taxes. Use a tax table. Which is true about how much Janet and Pat either owe in taxes or have due as a refund?
A) owe 1,802
B) refund of 1,802
C) owe 1,521
D) refund of 1,521
Q. 4Rebecca Miller's wages for the year were 22,000. She is single and has no dependents besides herself. Rebecca received a 1099-INT that shows interest income of 119. According to her W-2, Rebecca paid 1,100 in federal taxes. She uses a 1040EZ to determine her taxes. Use a tax table to find how much more in taxes Rebecca owes.
A) 459
B) 451
C) 279
D) 218
Q. 5Jan and Frank Campasio qualify to use a 1040EZ form for their taxes. Their total wages for the year were 59,800. They have no dependents except for themselves. What is their taxable income?
A) 59,800
B) 51,300
C) 41,900
D) 39,800
Quick Reply
