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Answered: - Loretta is a single taxpayer has the following income and
Loretta is a single taxpayer has the following income and deductions for the current tax year:
INCOME?????????????
Salary????????????????????????????????????? $? 70,000
Business Income ? ???????????????? ????25,000
Interest Income from bonds??? ??? 10,000
Tax-exempt bond interest?????? ??????5,000
Total Income???????????????????????????????????? $110,000
?
DEDUCTIONS:???
Business expenses???????????????? $ ?10,000
?Itemized deductions??????????????? ? ??20,000
?Personal exemption??????????????? ?? ???4,000
Requirements:
- Compute the taxable income and federal tax liability for the current year
- Compute the marginal, average and effective tax rates.
- For tax planning purposes, which of the three rates in part 2 is the most important?
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This question was answered on: Oct 07, 2020
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STATUSAnswered
QUALITYApproved
DATE ANSWEREDOct 07, 2020
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