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

$660

$510

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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Series 7 - General Securities Representative Exam

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:

Explanations

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