Compute latesh'' taxable income and federal tax liability, Accounting Basics

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Compute latesh'' taxable income and federal tax liability

Latesha, a single taxpayer, had the following income and deductions for the tax year 2013:

income salary$60.000

Busines income25.000

interest income from bonds10.000
Tax-exempt bond interest 5.000 total income $100.000
Busines expenses $9.500
Itemized deductions$20.000
Personal exemption 3.900
Total deduction $33.400.
Requiered:

a. Compute Latesh' taxable income and federal tax liability for 2013 ?
b.Compute Latesha's marginal, average, and effective tax rates.
c. For tax planning purposes, which of the three rates in part b is the most important?

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Accounting Basics: Compute latesh'' taxable income and federal tax liability

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Accounting Basics: Compute latesh'' taxable income and federal tax liability

Reference No:- TGS039942

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Compute latesh'' taxable income and federal tax liability

Reference No:- TGS039942

Recent Questions Asked Accounting Basics

Q : Installment method to report the gain

Q : Ratio analysis-liquidity-asset management

Q : Gain or loss from transaction

Q : Result of the second disposition

Q : Compute latesh'' taxable income and federal tax liability

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Q : Balance in traditional ira

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Q : Effect invention of computer for decline of banking industry

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