In 2016 Rita Is Divorced with One Child

question 93

Multiple Choice

In 2016 Rita is divorced with one child.She has AGI of $20,000 resulting in a federal income tax liability of $260 and an earned income credit of $3,137.She has had $550 of federal income taxes withheld from her pay.Rita will receive a federal income refund of

• A)$550.
• B)$325.
• C)$3,137.
• D)$3,427.

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Definitions:

Football Tickets

Passes that allow entry to football (soccer or American football) games, often purchased by fans to watch their favorite teams play.

Demand

Refers to the quantity of a particular good or service that consumers are willing and able to purchase at various prices during a given period of time.

Price-Elastic

Describing a situation where the demand for a product significantly changes in response to changes in its price.

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers, normally downward sloping.