Quiz 2 - 1. Sally is a 30year old single taxpayer in the 27...

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1.  Sally is a 30-year old single taxpayer in the 27 percent marginal tax bracket. Assuming Sally's standard  deduction is $4,700 and she has itemized deductions totaling $6,500, Sally should take the ______ for a tax  savings of ______. A) standard deduction; $1,800 B) itemized deduction; $486 C) itemized deduction; $1,800 D) standard deduction; $486 Feedback:  Sally should take the higher itemized deduction. She will save (6500-4700) x .27  Points Earned:  0.0/1.0  Correct Answer(s): 2.  Taxable income is determined by subtracting ______ from gross income. A) deductions B) All of these. C) exemptions D) adjustments Points Earned:  1.0/1.0  Correct Answer(s):
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3.  Steven Scott's total income is $30,000, but his taxable income is only $23,450. Therefore, his tax liability is  $3,518. Steven's average tax rate is ______ percent. A) 15
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Quiz 2 - 1. Sally is a 30year old single taxpayer in the 27...

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