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Individually answer the following questions through the Bb assignments module. What tax rates are applicable for individuals? To which does the alternate basic contribution apply?
Individually answer the following questions through the Bb assignments module.
- What tax rates are applicable for individuals?
- To which does the alternate basic contribution apply?
- During 2018, Dante determined his net income subject to tax at $38,000. How much is the regular determined contribution?
- Ramiro, 64 years old, bought an annuity of $200,000. During the taxable year you received $15,000 from the annuity. What amount must you include in gross income?
- Israel, bona fide farmer received $35,000 in government incentives. He used this money to buy a tractor that has a useful life of 8 years. How much do you have to include in gross income?
- Jennifer has a clothing sales business, which reported losses of $68,000. Additionally, he reported net income in his non-core business of $62,000. What is your adjusted gross income?
- During this taxable year, Isabel used her motor vehicle 50% for her work and incurred automobile expenses of $9,000. How much can she deduct from her return?
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