Questions from Personal Finance

Q: Allison has returned to school after five years out of the work

Allison has returned to school after five years out of the work force. She is taking one course at the local university for a cost of $1,500. To maximize her taxes, should she take a tuition and fees...

Q: Would you prefer a fully taxable investment earning 10 percent or a

Would you prefer a fully taxable investment earning 10 percent or a tax-exempt investment earning 8.25 percent? Why? (Assume a 24 percent tax rate.) (LO 3.4)

Q: If Samantha Jones had the following itemized deductions, should she use

If Samantha Jones had the following itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $12,400. Donations to church and other ch...

Q: What would be the average tax rate for a person who paid

What would be the average tax rate for a person who paid taxes of $4,706 on a taxable income of $40,780?

Q: Jamie Lee and Ross are ready to evaluate a mutual fund more

Jamie Lee and Ross are ready to evaluate a mutual fund more closely. Choose a mutual fund that has been mentioned in Chapter 13 or one that has been recommended by a friend or family member, and com...

Q: Based on the following data, would Beth and Roger Simmons receive

Based on the following data, would Beth and Roger Simmons receive a refund or owe additional taxes? Adjusted gross income, $42,140 Standard deduction, $24,800 Credit for child and dependent care exp...

Q: If $4,323 was withheld during the year and taxes

If $4,323 was withheld during the year and taxes owed were $4,122, would the person owe an additional amount or receive a refund? What is the amount?

Q: Noor Patel has had a busy year! She decided to take

Noor Patel has had a busy year! She decided to take a cross-country adventure. Along the way, she won a new car on the “Price Is Right” (valued at $15,500) and won $500 on a scratch-off lottery ticket...

Q: Using the tax table on page 80, determine the amount of

Using the tax table on page 80, determine the amount of taxes for the following situations: a. A head of household with taxable income of $55,000. b. A single person with taxable income of $35,000...

Q: If 300,000 people each receive an average refund of $

If 300,000 people each receive an average refund of $2,500, based on an interest rate of 3 percent, what would be the lost annual income from savings on those refunds?