# Income Tax - Accounting. Help Me Please.

posted by austin

Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009.

INCOME
Salary \$60,000
Intrest income(bonds)\$10,000
Tax-exempt bond interes \$ 5,000
________
TOTAL INCOME \$100,000

DEDUCTIONS:
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?

1. SraJMcGin

Here are some tutorials to choose from:

http://search.yahoo.com/search?fr=mcafee&p=Income+Tax+Tutorials

Sra

## Similar Questions

1. ### College Algebra

The value of the expression (4220 + 0.25 (x - 30,650) is the 2006 federal income tax for a single taxpayer with taxable income of x dollars, where x is over \$30,650 but not over \$74,200. Simplify the expression; Find the amount of …
2. ### ACC 233-INCOME TAX

Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary \$60,000 Business Income \$25,000 Intrest income(bonds)\$10,000 Tax-exempt bond interes \$ 5,000 ________ TOTAL INCOME \$100,000 …
3. ### Income tax / Accounting

Computation of taxable income: The following information for 2009 relates to Tom, a single taxpayer, age 18. Salary \$1,800 Intrest income \$1,600 Itemized deductions \$ 600 A. Compute Tom's taxable income assuming he is self-supporting …
4. ### accounting

Complete the work sheet. In completing the worksheet, compute State of Illinois corporate income taxes at 41/2% of pretax income. The state income tax is deductible on the federal tax return, and the federal tax is not deductible on …
5. ### accounting-income tax

During the current year, Deborah Baronne, a single individual, paid the following amounts: Federal income tax \$10,000 State income tax \$4,000 Real estate taxes on land \$1,400 State sales tax \$2,000
6. ### Calculus

New York state income tax is based on taxable income which is part of a person's total income. The tax owed to the state is calculated using taxable income (not total income). In 2005, for a single person with a taxable income between …
7. ### Economics calculation help

Kelly total income last year was \$24,000, but she could deduct \$12,000 for various reasons. How can I calculate; If she had to pay 15% of her taxable income in federal income tax, what was her total tax payment?
8. ### Economics

Mallory's total income last year was \$24,000, but she could deduct \$12,000 for various reasons. Her taxable income equals the amount left over after deductions. If she had to pay 15 percent of her taxable income in federal income tax, …
9. ### general math

the taxpayer should pay 6% of his total income if his income amounts to PHP 500,000 and PHP 1,000,000, the taxpayer should pay 8% of the total income. If the income is PHP 1,000,000 or more, he should pay 9.5% of the total income. …
10. ### Income tax

Steve and Sue are married with three dependent children. Their 2015 joint income tax return shows \$389,000 of AGI and \$60,000 of itemized deductions made up of \$30,000 of state income taxes and \$30,000 of charitable contributions.

More Similar Questions