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Question 1

Thomas Franklin arrived at the following tax information:

Gross salary, $46,660  

Interest earnings, $225

Dividend income, $80

One personal exemption, $3,400

Itemized deductions, $7,820

Adjustments to income, $1,150

What amount would Thomas report as taxable income?

 

Question 2.

What would be the net annual cost of the following checking account?  

Monthly fee, $3.75; processing fee, 25 cents per check; checks written, an average of 22 a month  

 

Question 3

What would be the average tax rate for a person who paid taxes of $4,864.14 on a taxable income of $39,870?

 

Question 4

A payday loan company charges 4 percent interest for a two-week period.  What would be the annual interest rate from that company?  

 

Question 5.

What is the annual opportunity cost of a checking account that requires a $350 minimum balance to avoid service charges? Assume an interest rate of 6.5 percent.  

 

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EYS***770 2019-09-23 10:13:06
thanks, great solution.
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Answer  

$46660+$80+$225-$1150-$7820-$3400=$34599

Thomas would have a taxable income of $34595

 

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