Tax rates latesha a single taxpayer had the following, Ask an Expert

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Tax Rates, Latesha, a single taxpayer, had the following income and deductions for the year 2012. INCOME Salary $60,000 Business Income $25,000 Intrest income$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 2012. 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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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9795315

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