Income Tax - Accounting. Help Me Please.

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

DEDUCTIONS:
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?




asked by austin
  1. Here are some tutorials to choose from:

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

    Sra

    posted by SraJMcGin

Respond to this Question

First Name

Your Answer

Similar Questions

  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. Economics

    The marginal tax rate is defined as the extra taxes paid on additional income divided by the increase in income. Calculate the marginal tax rate for the proportional tax system as income rises from $50,000 to $100,000. Calculate
  7. Economics

    The marginal tax rate is defined as the extra taxes paid on additional income divided by the increase in income. Calculate the marginal tax rate for the proportional tax system as income rises from $50,000 to $100,000. Calculate
  8. 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
  9. 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.
  10. economics

    income total spending $10,000 $10,000 20,000 18,000 50,000 35,000 100,000 60,000 If a sales tax of ten percent is levied on all purchases, calculate A. amoust of sales tax paid at each income level and B. the fraction f income

More Similar Questions