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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?