Q1. A business entity generally need IRS approval to change accounting period. What are the provisions of getting IRS approval for changing the accounting period? Explain.

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Q2. When determining the Amount of Tax filing status of the tax payer should be determined first to determine tax rates.

Required: Determine all Filing status in US income tax and rank tax rates from lowest to highest.

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Q3. The following information is available for a married couple filing a joint return, for 2013. Both Bob and Brenda are age 32 and have no dependents.

Salaries SR250,000

Interest income SR20,000

Deductible IRA contributions SR20,000

Itemized deductions SR50,000

Required: calculate the taxable income

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