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Chapter 4 Test

# Chapter 4 Test - Title CHAPTER 4_TEST 1 Interest earnings...

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Title: CHAPTER 4_TEST 1. Interest earnings of \$1,600 from a taxable investment for a pers bracket would result in after-tax earnings of: Student Response Value Correct Answer A.\$1,600 0% B.\$1,152 100% C.\$1,100 0% D.\$448 0% E.\$152 0% General Feedback: \$1,600 x (1 - .28) = Score: 3/3 Comments: 2. When a taxpayer's income increases \$1,000 and the taxes owed \$8,177, the marginal tax rate is ______ percent. Student Response Value Correct Answer A.15 0% B.20 0% C.25 0% D.28 0% E.31 100% General Feedback: \$8,177 - \$7,867 = or 31% Score: 0/3 Comments:

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3. A person has \$4,000 in medical expenses and an adjusted gross taxpayers are allowed to deduct the amount of medical expense of adjusted gross income, what would be the amount of the ded Student Response Value Correct Answer A.\$300 0% B.\$1,600 100% C.\$2,400 0% D.\$4,000 0% E.\$32,000 0% General Feedback: .075 x \$32,000 = \$ \$1,600 Score: 3/3 Comments: 4. Money received by an individual for personal effort is classified income. Student Response Value Correct Answer A.passive 0% B.earned 100% C.portfolio 0% D.excluded 0% E.capital gains 0% Score: 3/3 Comments: 5.
Earnings from a limited partnership would be an example of __ Student Response Value Correct Answer A.passive 100% B.capital gain 0% C.portfolio 0% D.earned 0% E.excluded 0% Score: 3/3 Comments: 6. Which of the following would be deducted from gross income t income? Student Response Value Correct Answer A.alimony payments 100% B.mortgage interest 0% C.medical expenses 0% D.foreign income exclusion 0% E.charitable contributions 0% Score: 3/3 Comments: 7. An exclusion affects a person's taxes by:

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Student Response Value Correct Answer A.reducing the amount of taxable income. 100% B.increasing itemized deductions. 0% C.decreasing itemized deductions. 0% D.decreasing the number of exemptions a person can claim. 0% E.increasing the number of exemptions a person can claim. 0% Score: 3/3 Comments: 8.
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