What Is It Like On Easy Street?

6 Questions

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What Is It Like On Easy Street?

Test your knowledge of secret advantages of the rich.


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Questions and Answers
  • 1. 
    You operate a hedge fund and are paid a fee based on the size of the asset you manage and how well it performs. You made $8 million last year. What is your federal tax rate?
    • A. 

      A.) 15 percent

    • B. 

      B.) 25 percent

    • C. 

      C.) 35 percent

    • D. 

      D.) 50 percent

  • 2. 
    You sell your 2,000 shares of Apple stock for a profit of $500,000. The federal government taxes your profit at:
    • A. 

      A.) 5 percent

    • B. 

      B.) 15 percent

    • C. 

      C.) 25 percent

    • D. 

      D.) 75 percent

  • 3. 
    Your dear grandfather dies, leaving you $4 million. What percentage will you pay the federal government?
    • A. 

      A.) 0 percent

    • B. 

      B.) 15 percent

    • C. 

      C.) 35 percent

    • D. 

      D.) 50 percent

  • 4. 
    You sell your Picasso for $40,000 more than you purchased it. You owe the IRS:
    • A. 

      A.) 15 percent

    • B. 

      B.) 28 percent

    • C. 

      C.) 35 percent

    • D. 

      D.) 42 percent

  • 5. 
    You are the CEO at Widgets Inc. and are paid $1.6 million. You receive a country club membership as part of your compensation. At what rate will the IRS tax your dues?
    • A. 

      A.) 10 percent

    • B. 

      B.) 35 percent

    • C. 

      C.) 50 percent

    • D. 

      D.) 75 percent

  • 6. 
    You own a yacht and live there each August. What deductions can you claim?
    • A. 

      A.) Interest you pay on the boat loan.

    • B. 

      B.) Half of the catering bill for clients.

    • C. 

      C.) A and B

    • D. 

      D.) None of the above.