Taxes — Test Answers

49 verified answers1 views
43

A married couple has two children under the age of 17 and wants to reduce tax liability. Which tax credit could they apply for?

A
lifetime learning credit
B
adoption credit
C
American opportunity tax credit
D
Child Tax Credit
44

Rifky wins $⁢10,000 in a lottery and receives $⁢500 in interest from their savings account. How do taxes apply to the money received?

A
The 500 dollars in interest is taxable, but the 10 dollars comma 000 lottery winnings are tax-exempt.
B
The 500 dollars in interest and the 10 dollars comma 000 lottery winnings are both taxable.
C
The 500 dollars in interest and the 10 dollars comma 000 lottery winnings are both tax-exempt.
D
The 500 dollars in interest is tax-exempt, but the 10 dollars comma 000 lottery winnings are taxable.
46

Which piecewise function represents the tax brackets shown? 5% for income up to $⁢20,000 15% for income between $⁢20,000 and $⁢60,000 25% for income over $⁢60,000

A
f⁡(x)={0.05⁢xif x≤20,0000.15⁢xif 20,000 60,000
B
f⁡(x)={0.05⁢xif x≤20,0001,000+0.15⁢(x−20,000)if 20,000 60,000
C
f⁡(x)={0.05⁢xif x≤20,0000.15⁢(x−20,000)if 20,000 60,000
D
f⁡(x)={0.05⁢xif x≤20,0001,000+0.15⁢(x−20,000)if 20,000 60,000

Did you find these answers helpful?

Taxes — Test Answers — Mathematics for Data and…