1. A non-taxable employee benefit has a greater value than the stated amount. What would be the tax equivalent value of a nontaxable employee benefit of $392? Assume a 30 percent tax rate.
2. The Hamilton household has $145,000 in assets and $63,000 in liabilities. What is the family’s net worth?
3. Harold Daley budgeted $210 for food for the month of July. He spent $227 on food during July. Does he have a budget surplus or deficit, and what amount?
4. A person had $2,345 withheld for federal income taxes, and had a tax liability of $2,410. Would this be a refund or an additional amount due for what amount?
