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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:

  1. Compute the taxable income and federal tax liability for the current year
  2. Compute the marginal, average and effective tax rates.
  3. For tax planning purposes, which of the three rates in part 2 is the most important?

 


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DATE ANSWERED

Oct 07, 2020

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