Consider the listed dollar amounts to answer the foure related
questions. Monica and Nathan (both age 35 as of Dec 31, 2015;
neither is blind) work and live in Blanco, Texas. Monica is a
county attorney (employee) with an annual salary of $110,000.
Nathan is a brewery marketing manager who earned total wages of
$60,000 during the year. They also earned $1,000 interest on City
of Arkon, Ohio bonds during the year. Assume they have no
dependents, file married joint, and take the standard
deduction.
42. What is their income subject to taxation (gross income) for
2015? a. $150,500 b. $171,000 c. $173,950 d. $ 151,000 e. none of
these
43. What is their “taxable income” for 2015? a. $ 159,000 b.
$149,400 c. $143,950 d. $150,100 e. none of these
44. What is the total amount of exemptions for 2015? a. $7,600 b.
8,000 c. 19,500 d. none of these
42. What is their income subject to taxation (gross income) for 2015? a. $150,500 b. $171,000 c. $173,950 d. $ 151,000 e. none of these | |
Gross Income = $110,000 + $60,000 | $ 1,70,000.00 |
Interest on City of Arkon, Ohio bonds is exempt fromtax | |
Option e. none of these is correct. | |
43. What is their “taxable income” for 2015? a. $ 159,000 b. $149,400 c. $143,950 d. $150,100 e. none of these | |
Taxable Income = Gross Income - Standard Deduction - Personal Exemption = $170,000 - 12,600 - 8000 | $ 1,49,400.00 |
Option b iscorrect | |
44. What is the total amount of exemptions for 2015? a. $7,600 b. 8,000 c. 19,500 d. none of these | |
Option b is Correct | |
Personal Exemption = 4000 x 2 =$8000 | |
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