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TCO 2 - Problem Set 2 - Tax Fundamentals ; Cash Management ; Distinctions among Financial Institutions
1 . Thomas Franklin arrived at the following tax information : Gross salary , $ 46,660 Interest earnings , $ 225 Dividend income , $ 80 One personal exemption , $ 3,400 Itemized deductions , $ 7,820 Adjustments to income , $ 1,150 What amount would Thomas report as taxable income ?
2 . What would be the net annual cost of the following checking account ?
Monthly fee , $ 3.75 ; Processing fee , 25 cents per check ; Checks written , an average of 22 a month .
3 . What would be the average tax rate for a person who paid taxes of $ 4,864.14 on a taxable income of $ 39,870 ?
4 . A payday loan company charges 4 percent interest for a two-week period What would be the annual interest rate from that company ?