MCGRAW HILL'S TAXATION OF INDIVIDUALS AND BUSINESS ENTITIES 2023 Chapters 1, 9, 10

2. Calculate the effective tax rate based on the following. Revenue 18,500 Expenses 3,500 Marginal Tax Rate of income from 010,000 is 20% then from 10,001-20,000 is 25% 3. What amount would have the best tax answer. A deduction of 50,000 or a tax credit of 6,500 . The tax rate is 21%. 7. Book income is $56,000. Part of the income is composed of $450 of parking tickets. What is the taxable income? 8. What is taxable income, if the taxpayer is on cash method a. 140,000 of cash revenue earned b. 10,000 revenue earned on accrual c. 4,000 Paid expense in cash d. Accrued 20.00 of salaries expense on 12/31 14. What is a section 481 a Adjustment? 15. Purchased Capital Assets for 3,600,000 a. What is my depreciation under Section 179? b. What is my depreciation under Bonus? 16. Luxury Auto limitation. What is it? How do we get around it