Find the Tax in the Following Application Problems

question 47

Multiple Choice

Find the tax in the following application problems. Use $4050 for each personal deduction, a standard deduction of $6300 for single taxpayers, $12,600 for married taxpayers filing jointly, $6300 for married taxpayers filing separately, and $9300 for head of household and the tax rate schedule.
-Mark Collins had an adjusted gross income of $26,741 last year. He had deductions of $899 for state income tax, $555 for property tax, $2,824 in mortgage interest, and $221 in contributions. Collins claims one exemption and files as a single person.

• A)$1,311.15
• B)$1,994.90
• C)$3,631.30
• D)$2,356.30

Recognize the procedures for adjusting document appearance through formatting marks, themes, and font settings.

Identify the default configurations and views within Microsoft Word.

Comprehend methods for selecting text, graphics, and entire documents efficiently.

Understand the significance of file types and their extensions related to Word documents.

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Definitions:

Risk-free Rate

This is the theoretical rate of return of an investment with zero risk, typically represented by the yield on government securities.

Call Option

A financial agreement which permits the purchaser the option, though not the requirement, to purchase a specific asset like a stock, bond, commodity, or another type of asset at a predetermined price during a defined timeframe.

Exercise Price

The price at which the holder of an option can buy (call) or sell (put) the underlying security.

Protective Put

An investment strategy where an investor buys a put option for an asset they own to limit potential losses if the asset's price falls.