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T11F-Chp-00-Tst-1-Exm-Prb-Fall-2011-post

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e8367f5c40efd749d29bbf473ecbfc97d6093f77.doc. Page 1 of 4. FEDERAL TAX - TEST. Chapters 1- 4. Test No. ________ Fall, 2011. The University of North Carolina at Charlotte Name_____________________________________________ Row In Class__________ INSTRUCTIONS: This test is "open book," which means you may use your textbook during the test. You may also use up to 4 pages of notes-front and back, or 8 pages printed on one side only. The test contains 25 multiple-choice questions. A question may cover material from more than one chapter. Some answers may be rounded to nearest dollar. Use 2011 tax rate schedules when computing federal individual income tax. Avoid all appearances of impropriety. If you see any sign of impropriety, please prepare an anonymous note and slide it under the instructor's office door. Failure to follow instructions below will result in a 5 point reduction in your grade. Multiple Choice- 25 questions count 4 points each for a total of 100 Points. 1. Use a soft-lead pencil 2. Enter name in appropriate space above. Write clearly. 3. Enter above the row number for your seat in class. On the Opscan Sheet 4. Enter name (last name first) in the area for “NAME.” 5. Enter student ID number in the area for “IDENTIFICATION NUMBER.” 6. Enter test number (found in upper right hand corner of this page) in the special codes area. 7. Blacken the area in the circle containing the appropriate letter for each question. Answer each question by marking the letter representing the best answer. Jan is single. In 2011, she had a salary of $250,000. After taking into account all deduction limits and phase-outs, her exemption and itemized deductions amounted to a total of $30,000. She also received $10,000 of interest on State of North Carolina bonds. 1 See information above. Jan's federal income tax before credits was: a. $59,751 b. $57,497 c. $58,550 d. $35,710 e. Other 2 See information above. Jan's marginal tax rate in 2011 is: a. 15% b. 26% c. 28% d. 33% e. 35% 3 See information above. How much Social Security tax is withheld above from Jan’s salary in 2011? Please ignore the temporary reduction in the Social Security tax rate on employees in 2011. Use the rates of 6.2% and 1.45%. a. $10,392 b. $10,977 c. $10,247 d. $9,522 e. Other 4 Betty is single. In 2011, she had a regular salary of $250,000. In December, 2011, the company paid her a cash bonus of $15,000, in addition to her regular salary. How much Social Security tax is withheld on the bonus? a. $277.90 b. $217.50 c. $1,147.50 d. $1,522.00 e. Other 5 Sue who is single, claims one exemption and has itemized deductions of $12,000. She had no deduction for AGI. Compute her income tax for 2011 assuming her salary was $100,000.
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