Doug and Sue Click File a Joint Tax Return and Decide

question 55

Multiple Choice

Doug and Sue Click file a joint tax return and decide to itemize their deductions. The Click's income for the year consists of $90,000 in salary, $2,000 interest income, $800 long-term capital loss. The Click's expenses for the year consist of $1,500 investment interest expense. Assuming that the Click's marginal tax rate is 35%, what is the amount of their investment interest expense deduction for the year?

• A) $1,200
• B) $1,500
• C) $2,000
• D) $2,300
• E) None of these

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Definitions:

Primary Control Strategy

A primary control strategy involves actively trying to change the environment or situation to fit one's needs or desires, often through direct action or problem-solving.

Stereotyped Expectations

Preconceived and oversimplified beliefs about certain groups of people or types of behavior.

Gender

Socially constructed roles, behaviors, expressions, and identities associated with being male, female, or non-binary.

Religiosity

The intensity of an individual's religious beliefs, practices, and the significance of religion in their life.