Lila and Ted Are Married and Have AGI of $332,000

question 41

Multiple Choice

Lila and Ted are married and have AGI of $332,000 in 2014. They had their first children this year,twins. Lila and Ted will be allowed a deduction for personal and dependency exemptions of

• A)$7,900.
• B)$15,800.
• C)$12,324.
• D)$3,476.

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Definitions:

Bananas

A long, curved fruit with a yellow skin and soft, sweet, white flesh inside, commonly eaten as a snack or used in culinary dishes.

Utility Function

A mathematical representation that quantifies the satisfaction or happiness an individual derives from consuming goods and services.

Budget Constraint

A budget constraint represents the limits imposed on household choices by income, wealth, and commodity prices.

Income

Earnings acquired regularly through employment or investment returns.