Lucinda Is Married and Filing a Separate Return

question 70

Multiple Choice

Lucinda is married and filing a separate return. Her taxable income is $73,111. Find her tax liability by using the Tax Table, Exhibit 18-3 from your text.

• A) $10,061.05
• B) $12,023.92
• C) $10,656.99
• D) $12,694.12

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Definitions:

Periodic Inventory Method

An accounting method where inventory is physically counted at the end of each period to determine the cost of goods sold and ending inventory.

Petty Cash Fund

Fund (source) that allows payment of small amounts without the writing of checks.

Approved Voucher

A document or record that authorizes a payment and confirms that goods or services have been received and are satisfactory, ready for payment processing.

Unpaid Balance

The remaining amount of a debt or loan that has not yet been paid off by the borrower.