Lynn Is a Single Mother with Two Children

question 31

Multiple Choice

Lynn is a single mother with two children.She qualifies to file as head of household.Her total income before deductions was $38,900 last year.Her total deductions were $11,450.Her employer withheld $3,150 from her pay for tax.Use the tax table below.How much more will Lynn owe in taxes? ​ ​

• A) $570
• B) $563
• C) $407
• D) $399

---

Definitions:

Assets

Economic resources owned or controlled by an individual, corporation, or country that are expected to provide future benefits, including cash, real estate, and intellectual property.

Equity Capital

Equity Capital is the amount of money that is invested in a company by its owners, in exchange for ownership interest in the company.

Rental Cost

The amount of money that must be paid regularly to lease a property or equipment.

Economic Profit

The distinction between aggregate income and comprehensive charges, covering both manifest and inferred expenses.