Series 7  General Securities Representative Exam
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John owns $100,000 worth of US T Bonds with an interest rate of 3%. John is in the 22 % tax bracket at the federal level and 5 percent at the state level. Based on the income received, John's tax liability is:
$810
A
$0
B
$660
C
$510
D
Explanations
US T Bond interest is only taxed at the Federal Level; not at a state level. The investor earned $3,000 in interest and is in the 22% tax bracket. John's tax liability is $660 ($3,000 x 22%)
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