Only the income that remains after deductions and exemptions are subtracted from adjusted gross income is taxable
Indicate whether the statement is true or false.
Answer: TRUE
Business
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If you have a salary of $30,000, an IRA deduction of $2,000, a standard deduction of $6,300, and a FICA rate of 7.65 percent, how much did you pay in FICA this year?
A) $1,805 B) $1,958 C) $2,142 D) $2,295
Business
The current yield on a $1,000 par value bond worth $900 and a coupon rate of 10% is
A) 12.05%. B) 9%. C) 10%. D) 11.11%.
Business