Oscar and Mary Have No Dependents and File a Joint

question 95

Multiple Choice

Oscar and Mary have no dependents and file a joint income tax return for 2014. They have adjusted gross income of $140,000 and itemized deductions of $30,000. What is the amount of taxable income that Oscar and Mary must report on their 2014 income tax return?

• A)$97,600
• B)$102,100
• C)$105,200
• D)$110,000
• E)$127,600

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Definitions:

Perceived Value

The worth or importance a consumer assigns to a product, service, or brand, based on how well it is believed to meet needs and expectations.

Effort

The amount of physical or mental energy expended to achieve a goal.

Social Facilitation

The tendency for people to perform differently when in the presence of others than when alone, typically improving on simple or well-practiced tasks.

Festinger

A psychologist known for his theory of cognitive dissonance, which suggests that people experience psychological discomfort when holding two or more contradictory beliefs.