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Exam 1 A Ans - FORM A 2007 Tax Table(Joint Filer Financial...

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Financial Data: Gross salary $75,000 Interest earned 250 401(k) contrib. 4,000 Gift income 2,000 Child support 5,000 Married, joint tax filers 2007 Tax Table (Joint Filer): Standard deduction (joint): $10,700 Exemption/person: $3,400 Taxable Income / Tax Rates: $1 - $15,650 10% $15,651 - $63,700 15% $63,701 - $128,500 25% FORM A Name (Print): ____________________________________ Discuss. Sec: (circle): 1=9am 2=10am 3=3pm 4=4pm Seat Number: ____________________________________ ACE 240 – Personal Financial Planning Fall 2008 Midterm Exam 1 [1] Sit in your assigned seat & retain your seat number. [2] Fill out the header on each and every exam page. Failure to do so will result in the loss of up to 5 points. [3] Fill out the scantron information thoroughly: Last name and first initial Network ID UIN Discussion section (Th9 = 001; Th10 = 002; Th3 = 003; Th4 = 004) Test form letter (A, B, or C) Failure to provide complete information will result in the loss of up to 5 points. --------------DO NOT GO FURTHER BEFORE COMPLETING INSTRUCTIONS 1-3 --------------- [4] During this examination, you may use only two 8.5” x 11” pages (front and back) of personal notes and a calculator. Financial factors will be handed out at the examination if needed. No other notes, books, consultation with classmates, or electronic aids of any sort are allowed. Keep your eyes on your own papers. Failure to abide by these rules will lead to a zero score on the examination and possible charges of academic misconduct. [5] Scantron questions must be answered with #2 pencils. For short answer and calculation questions, in order to receive maximum credit, answers should be concise, to the point, and neatly laid out. If your answer can’t be understood, you won’t receive credit.
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