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i need help with only parts c,d and e! please and thank you ! first pictue isn't so clear so hopefully these are! & Anna
i need help with only parts c,d and e! please and thank you !
first pictue isn't so clear so hopefully these are!
& Anna operates a child we service from her home. Her gross business income for 2015 mounted to 42 350. Per tax deductible business expenses consisted of the following Advertising Dues, membership, boptions Supplies Mandament Other expenses Ama Gandhome h ere and House insurance Maintenance Mortgages 00 Property Other expenses The house over 345 metres and consists of sight rooms. Arnason mom wh mere her business office o home ma d h What portion of her ne of e o W ho NOTE: For ed by 15. dece Tanile income Tax Rates 54401 15% of table income than or equal to 544 701, pus Over $44701 up to 500 22% of taxable income greater than 544 701 and less than gulto 580 Over 50 401 0 738 20% of table income greater than 01 and than or equal to 130 Over $138506 29% acable income greater than $13856 House insurance 1420 Maintenance 1930 Mortgage interest 6630 Property taxes 3260 Other expenses 690 The house covers 345 square metres and consists of eight rooms. Anna uses one room with an area of 45 square metres as her business office. Questions a. What portion of her eligible home expenses may Anna claim as tax-deductible expenses if the expenses are allocated on the basis of area? number of rooms? b. What is her net business income if Anna allocates home expenses on the basis of area? c. For most individuals, basic federal income tax equals the federal tax calculated according to Table below, less non-refundable tax credits. What is Anna's basic federal income tax if she reports a non-refundable tax credit in 2015 of $11 138? NOTE: Federal tax is reduced by 15% of total non-refundable tax credits d. e. What percent of Camille's business income is basic federal income tax? What percent of Camille's taxable income is basic federal income tax? 2015 Federal Income Tax Brackets and Tax Rates Taxable income (income tax brackets) Tax Rates $44 701 or less 15% of taxable income less than or equal to $44 701: plus Over $44 701 up to $89 401 22% of taxable income greater than $44 701 and less than or equal to $89 401; plus Over $89 401 up to $138 586 26% of taxable income greater than $89401 and less than or equal to $138 586;plus Over $138 586 29% of taxable income greater than $138 586 Step by Step Solution
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