Question 11 pts

Compute the taxable income from the information below (exclude the dollar sign):

Gross Income $20,000

Exemptions and Deductions $6,000

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Question 21 pts

Using Table 19.1, compute the taxes for the taxable income found in Question 1 (round to nearest whole dollar and exclude the dollar sign)

Gross Income $20,000

Exemptions and Deductions $6,000

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Question 31 pts

Compute the taxable income from the information below (exclude the dollar sign):

Gross Income $40,000

Exemptions and Deductions $28,000

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Question 41 pts

Using Table 19.1, compute the taxes for the taxable income found in Question 3 (round to nearest whole dollar and exclude the dollar sign)

Gross Income $40,000

Exemptions and Deductions $28,000

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Question 51 pts

Compute the taxable income from the information below (exclude the dollar sign)

Gross Income $80,000

Exemptions and Deductions $34,000

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Question 61 pts

Using Table 19.1, compute the taxes for the taxable income found in Question 5 (round to nearest whole dollar and exclude the dollar sign)

Gross Income $80,000

Exemptions and Deductions $34,000

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Question 71 pts

Compute the taxable income from the information below (exclude dollar sign):

Gross Income $200,000

Exemptions and Deductions $110,000

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Question 81 pts

Using Table 19.1, compute the taxes for the taxable income found in Question 7 (round to nearest whole dollar and exclude the dollar sign)

Gross Income $200,000

Exemptions and Deductions $110,000

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Question 91 pts

What percentage of income is paid in Social Security taxes by a worker earning $40,000?

15%

10%

7.65%

3.65%

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Question 101 pts

What percentage of income is paid in Social Security taxes by a worker earning $80,000?

7.65%

20%

15%

3.65%

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Question 111 pts

What kind of tax is Social Security?

progressive

sin

proportional

regressive

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Question 121 pts

Use Table 19.1 to compute the taxes on income of $175,000.

$29,971

$61,250

$42,867

$57,750

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Question 131 pts

In 2010, the Obamas paid $438,949 in taxes. They had a total gross income of $1,795,614. What was their effective tax rate?

33%

39.6%

24.45%

32.75%

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Question 141 pts

What is the effective tax rate with Dick Armeys proposed flat tax (p. 422) for a family of four with earnings of $35,000 (exclude the % sign)?

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Question 151 pts

What is the effective tax rate with Dick Armeys proposed flat tax (p. 422) for a family of four with earnings of $60,000 (round to the nearest tenth and exclude the % sign)?