Emma,a Single Taxpayer,obtains Permission to Change from a Calendar Year

question 25

Multiple Choice

Emma,a single taxpayer,obtains permission to change from a calendar year to a fiscal year ending June 30,2016.During the six months ending June 30,2016,she earns $40,000 and has $8,000 of itemized deductions.What is the amount of her annualized income?

• A)$29,975
• B)$64,000
• C)$59,950
• D)$55,900

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Definitions:

Feudalism

A historical system of political and military obligations among warriors and lords, characterized by the exchange of land for service during the Middle Ages.

Davis and Moore

Sociologists who proposed a theory that social stratification is beneficial for the operation of a society.

Class Characteristics

Features that define and differentiate social classes, notably in terms of wealth, occupation, and education.

Menial Positions

Jobs that require little to no formal training or education and are often characterized by lower wages and status, typically involving manual labor or routine tasks.