Planning for the Cost of College — Unit test Answers

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?

Say you are filing as a single taxpayer. You have a gross income of $61,026 and claim two exemptions. You can make a deduction of $2,871 for interest on your mortgage, a deduction of $2,376 for property tax, an adjustment of $3,206 for business losses, an adjustment of $2,575 for contributions to your retirement plan, a deduction of $2,682 for medical expenses, and an adjustment of $2,440 for business expenses. If exemptions are each worth $3,650 and the standard deduction is $5,700, what is your total taxable income?

The image shows a sales receipt.

Quincy listed his assets and liabilities. CashRentStocksJewelryStudent LoanUtilitiesWhich are Quincy’s assets? Select three choices.

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Which are shown on a balance sheet? Select three choices.

Which describes a type of tax that people pay on money they earn?

Lauren is trying to find her net income. She used the statement and the steps shown.Step 1List all income, including tips and commissions, and list all expenses, including food, entertainment, and clothing.Step 2Total all the income. Then total all the expenses.Step 3Add the total of the income and the expenses.Which explains Lauren’s error?

This table compares the requirements for a career as an athletic trainer or an air traffic controller. A student who is interested in becoming an air traffic controller will make

Ariel wants to compare the salaries for positions she was offered at two companies. What should she consider in this process? Check all that apply.

Yasmine plans to attend a four-year public university. She expects she will need to contribute $9,000 annually to her education. Which savings plan will help Yasmine save enough money to pay for one year of school, regardless of whether or not interest is earned on her savings?

Natalie’s income statement for the month of October is shown. What is Natalie’s net income for the month of October?

The Lopez family is putting $275 monthly into a savings account for Verona’s college education. The family anticipates they will need to contribute $10,000 toward her first year of college, which is in 3 years. Which best explains whether or not the family can expect to have enough money after saving for 3 years ? Assume the savings account accrues interest

Which is a kind of federal payroll tax?

What is the job outlook for a US postal worker?

Mariana wants to research a career in veterinary medicine. Where could she find accurate and objective information? Check all that apply.

This year, the annual tuition at a public four-year university is $5,290. Next year when Jarrod attends his first year, the tuition is expected to increase 4.5%. Jarrod has 1 year to save the amount of money equal to the tuition for his first year. What is the approximate minimum amount Jarrod should save monthly?

Richard’s annual college expenses are expected to total $17,745. He will receive $5,320 in grants. How much will Richard need to contribute to his annual college expenses?

Which describes a set amount of pay received by a worker over the course of a year?