1. (TCO B) The federal income tax is (Points : 4) integrative. regressive. progr
ID: 2726029 • Letter: 1
Question
1. (TCO B) The federal income tax is (Points : 4) integrative.regressive.
progressive.
flat rate.
None of the above Question 2.2. (TCO B) You would typically not include _____ in your gross income. (Points : 4) wages and salaries
life insurance death benefit payments
interest and dividends
pension income
gambling winnings Question 3.3. (TCO B) Tom sold mutual fund shares he had owned 3 years ago so that he could use the proceeds to return to college. Tom is in the 15% marginal tax bracket and his capital gains from this sale were $11,000. How much tax would Tom owe on those gains? (Points : 4) $11,000
$3,080
$1,650
$1,100
$550 Question 4.4. (TCO B) Murray (age 68, single) just sold his home of 35 years so that he could relocate closer to his grandchildren. He realized a $400,000 capital gain on the home. How much of this gain will Murray have to pay taxes on? (Points : 4) $400,000
$300,000
$250,000
$150,000
$0 Question 5.5. (TCO B) You have no employer provided pension plan; your IRA contributions are treated as (Points : 4) adjustments to gross income.
an additional personal exemption.
part of the standard deduction.
an itemized deduction.
a tax credit. 1. (TCO B) The federal income tax is (Points : 4) integrative.
regressive.
progressive.
flat rate.
None of the above
Explanation / Answer
Answer:-
1.1 progressive
2.2-life insurance death benefit payments
3.3-$550
4-4.$150,000
5.5- part of the standard deduction.
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