Tom and Betsy, Who Are Married Filing Jointly, Reported a Standard

question 74

Multiple Choice

Tom and Betsy, who are married filing jointly, reported a standard deduction of $12,400 on their 2014 tax return. They paid $500 to the state for income taxes in 2014. In 2015, they received a $125 refund of state taxes paid in 2014. What is the amount that Tom and Betsy need to report on their 2015 tax return?

• A) $0.
• B) $125.
• C) $375.
• D)$500.

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Definitions:

Significantly Higher

A term often used in statistical analysis to indicate that a particular value or outcome is superior to another to a degree that is unlikely to be due to chance.

Zuckerman

Marvin Zuckerman is a psychologist known for his research on sensation seeking, a trait describing the need for varied, novel, and complex sensations and experiences.

Sensation Seeking

A trait characterized by the search for experiences and feelings that are varied, novel, complex, and intense, and by the willingness to take physical, social, legal, and financial risks for the sake of such experiences.

Sensation Seeking Scale

A psychological assessment tool designed to measure an individual's propensity for seeking novel, complex, and intense sensations and experiences.