Life Insurance Answers

What is the standard deduction used for?a.The standard deduction is the minimum size a deduction can be to be counted.b.The standard deduction is claimed automatically, before other deductions are calculated.c.The standard deduction is the minimum deduction that anyone may claim.d.The standard deduction is the maximum allowable deduction.

Social Security and Personal Income tax are called Payroll taxes because _____. a.they help to balance the national payroll budget.b.they are automatically deducted from payroll.c.once paid, they are used to supplement the paychecks of people in need.d.you need to prove you have paid them before you can pick up your paycheck.

Bianca and Dave are a married couple filing a joint tax return. They have a combined gross income of $81,031 and claim four exemptions. They can make an adjustment of $2,914 for business expenses, an adjustment of $1,939 for business losses, a deduction of $4,140 for medical expenses, an adjustment of $4,825 for contributions to their retirement fund, and a deduction of $2,420 for charitable donations. If exemptions are worth $3,650 apiece and the standard deduction for a joint return is $8,350, what is their total taxable income?a.$50,193b.$41,843c.$48,403d.$52,793

Mary pays income tax according to the graduated schedule shown below. If Mary’s taxable income is $68,562, how much income tax does she owe, rounded to the nearest dollar? a. $13,564 b. $17,140 c. $21,527 d. $12,349 Please select the best answer from the choices provided

Henry is up for retirement after 35 long years at his pharmacy. Before retiring, he would like to know how much he would receive each month from Social Security if he were to retire. During his 35 years, Henry averaged an annual salary of $45,620. Assuming he would receive 42% of his annual average each year, how much can Henry expect to receive from Social Security on a monthly basis? a. $1,596.70 b. $1,916.04 c. $15,967.00 d. $19,160.40 Please select the best answer from the choices provided