What Is It Like On Easy Street?
6 Questions
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Test your knowledge of secret advantages of the rich.
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.
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