Questions from Personal Finance

Q: Which of the following would be included in gross income?

Which of the following would be included in gross income? Salary Prizes Business income Tips Veteran’s benefits Welfare benefits Alimony Dividend income Child support Interest income

Q: Distinguish between interest income and dividend income. Does their treatment differ

Distinguish between interest income and dividend income. Does their treatment differ for tax purposes?

Q: Are your total medical expenses deductible? Explain.

Are your total medical expenses deductible? Explain.

Q: Define compounding. How is it used in financial planning?

Define compounding. How is it used in financial planning?

Q: Do investors in a low tax bracket or a high tax bracket

Do investors in a low tax bracket or a high tax bracket benefit to a greater degree from the long-term capital gains tax? Explain.

Q: Which form must be filed with the IRS for itemized deductions?

Which form must be filed with the IRS for itemized deductions?

Q: What is the purpose of income tax? Who administers the federal

What is the purpose of income tax? Who administers the federal tax system?

Q: Anna has just received a gift of $500 for her graduation

Anna has just received a gift of $500 for her graduation, which increased her net worth by $500. If she uses the money to purchase a tablet computer, how will her net worth be affected? If she invests...

Q: How did the Affordable Care Act of 2010 affect tax filing?

How did the Affordable Care Act of 2010 affect tax filing?

Q: In the past, the federal government has implemented tax relief initiatives

In the past, the federal government has implemented tax relief initiatives for various reasons. List some recent examples of targeted tax relief.