If the Assets Could Be Sold, for $228,000 and There

question 20

Multiple Choice

If the assets could be sold, for $228,000 and there are no liquidation expenses what is the amount that Tillman would receive from the liquidation?

• A) $36,000.
• B) $ 0.
• C) $ 2,500.
• D) $38,250.
• E) $67,250.

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Definitions:

Monthly Salary

Regular payment from an employer to an employee, typically provided once a month, for the services rendered by the employee.

Withholding Allowance

A reduction in the amount of income tax withheld from an individual's paycheck, determined by the number of allowances claimed on tax forms.

Gross Earnings

The total income earned by an individual or a business before any deductions or taxes are subtracted.

Old Age Survivors and Disability Insurance (OASDI)

A federal program in the United States that provides retirement, disability, and survivor benefits, commonly known as Social Security.