Posted by austin on Thursday, September 30, 2010 at 2:01pm.
Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009.
Business Income $25,000
Tax-exempt bond interes $ 5,000
TOTAL INCOME $100,000
Business Expenses $ 9,500
Itemized deductions $20,000
Personal exemption $ 3,650
TOTAL DEDUCTIONS $33,150
1. Compute Latesha's taxable income and federal tax liability for 2009.
2. Compute Latesha's marginal, average, and effective tax rate.
3. for tax planning purpose which of the three rates in part 2 is the most important?
- ACC 233-INCOME TAX - Anonymous, Monday, March 26, 2012 at 7:44am
Clyde had worked for many years as a chief executive of Red Industries. Inc. and had also been a major shareholder. Clyde and the company had a falling out, and Clyde was terminated. Clyde and Red executed a document under which Clyde’s stock in Red would be redeemed and Clyde would agree not to complete against Red in its geographic service area. After extensive negotiations between the parties, Clyde agreed to surrender his Red stock in exchange for $600,000. Clyde’s basis in his shares was $143,000, and he had held the shares for 17 years. The agreement made no explicit allocation of any of the $600,000 to Clyde’s agreement not to complete against Red. How should Clyde treat the $600,000 payment on his 2010 tax return?
- ACC 233-INCOME TAX - Anonymous, Monday, December 2, 2013 at 3:11pm
Answer This Question
More Related Questions
- Income Tax - Accounting. Help Me Please. - Tax Rates, latesha, a single taxpayer...
- Economics - Mallory's total income last year was $24,000, but she could deduct...
- accounting-income tax - During the current year, Deborah Baronne, a single ...
- College Algebra - The value of the expression (4220 + 0.25 (x - 30,650) is the ...
- Calculus - New York state income tax is based on taxable income which is part ...
- accounting - Complete the work sheet. In completing the worksheet, compute State...
- Economics calculation help - Kelly total income last year was $24,000, but she ...
- general math - the taxpayer should pay 6% of his total income if his income ...
- Economics - The marginal tax rate is defined as the extra taxes paid on ...
- Economics - Mallory's total income last year was $24,000, but she could deduct $...