Determine the correct entry for Box 1 assuming that the taxpayer pays 33% of his total income
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Determine the correct entry for Box 1 assuming that the taxpayer pays 33% of his total income in federal taxes.
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ANSWER Based on the information provided the correct entry for Box 1 would be the taxpayers total income before any taxes or deductions are taken out Unfortunately the information needed to determine this is not provided in the given list Box 1 is used to report the total amount of wages tips and other compensation that an employee received during the year This includes all income before any taxes or deductions are taken out To determine the correct entry for Box 1 you would need to know the taxpayers total income for the year Once you have that information you would simply enter it into Box 1 However it is important to note that the 33 tax rate mentioned in the question is only relevant for calculating the amount of federal income tax that the taxpayer ...View the full answer
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Related Book For 
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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