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Noor Patel has had a busy year She decided to take a cross-country adventure

(1) Noor Patel has had a busy year! She decided to take a cross-country adventure. Along the way, she won a new car on the “Price Is Right” (valued at $14,200) and won $400 on a scratch-off lottery ticket (the first time she ever played). She also signed up for a credit card to start the trip and was given a sign-up bonus of $150.

How much will she have to include in her federal taxable income?

(2)

(a) What is the amount of taxes for a head of house hold with a taxable income of $57,500 with a rate of 25% (round answer to 2 decimals)?

(b)   What is the amount of taxes for a single person with a taxable income of $35,000 with a rate of 15% (round answer to 2 decimals)?

(c)   What is the amount of taxes for a married couple filling jointly with a taxable income of $70,700 with a rate of 15% (round answer to 2 decimals)?

May 24 2018 View more View Less

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