The Information That Follows Applies to the Current Year for Revis

question 8

Multiple Choice

The information that follows applies to the current year for Revis and Patrica, a married couple. • Revis is employed as a shoe salesman; his compensation is $65,000.
• Patrica is employed as an interior designer; her compensation is $90,000.
• Revis and Patrica have total allowable itemized deductions of $15,000.
• Revis and Patrica have two dependent children.
• Revis and Patrica have other economic income as follows: - Interest on U.S. Treasury bonds $1,000. - Interest on French government bonds $750. - Interest on City of Miami, Fla. bonds $1,200. - Patrica won $500 from the state lottery - Revis's wealthy uncle dies and leaves him $10,000. - Patrica sold Revis's baseball card collection for $3,000. Revis bought it for $800. - Patrica sells Revis's fishing boat for $2,000. Revis had purchased the boat for $2,500. Based on the above information, what is Revis and Patrica 's taxable income?

• A) $126,150
• B) $129,950
• C) $128,850
• D) $144,450
• E) $159,450

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Definitions:

Punishable

Describes an action or behavior subject to penalties or legal sanctions.

Second-degree Felony

A category of offense that is less severe than a first-degree felony but more severe than a third-degree felony, often involving significant harm or risk but with factors that mitigate the offender's culpability.

Imprisonment

The act of confining someone in a prison as a punishment for crimes they have been convicted of.

Punishable

Describing an action or offense that can be penalized by law, typically through fines, imprisonment, or other legal sanctions.