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.
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?
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