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i will attach a file with 2 questions regarding taxation, you will probably need the tax rate schedule for 2015 for qs 2 you can
i will attach a file with 2 questions regarding taxation, you will probably need the tax rate schedule for 2015 for qs 2 you can find it on google
1- The three different levels of government (federal, state and local) must impose taxes to carry out their functions. For each of the types of taxes below discuss which level of government primarily uses what type of tax A- property tax B- excise tax C- sales tax D- income tax E- employment tax 2- Latesha, a single taxpayer, had the following income and deductions for tax year 2015 : Income : Salary Business income 80,000 25,000 Interest income from bonds 10,000 Tax exempt bond interest Total income 5,000 120,000 Deductions : Business expenses 9,500 Itemized deductions 20,000 Personal exemption 4,000 Total deductions 33,500 A- Compute her taxable income and federal tax liability for 2015 (round to dollars) B- Compute her marginal, average and effective tax rates C- For tax planning purposes which of the three rates in Part B is the most importantStep by Step Solution
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