Reference no: EM132709947
Problem 1: Winning $10,000 in the lottery affects a person's tax situation by
1. Increasing the standard deduction by $10,000
2. Increasing the individuals marginal tax rate to 50%
3. Is taxed at the same rate as capital gains
4. Is not taxed
5. Is added to income for tax purposes
Problem 2: To help you cope with taxes, common goals related to tax planning include all the following except:
1. Knowing the current tax laws and regulations that affect you
2. Maintaining fulfil and appropriate tax records
3. Making employment and purchase decisions that leave you with the greatest after-tax cash flows and net wealth
4. Making investment decisions that leave you with the greatest after-tax cash flows and net wealth
5. Minimizing taxes
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Which winning in the lottery affects a person tax situation
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