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There is no more information. This is the problem and information provided to me. Linette, a single taxpayer, had the following income and deductions for
There is no more information. This is the problem and information provided to me.
Linette, a single taxpayer, had the following income and deductions for the tax year 2018: click the icon to view the income and deductions.) Click the icon to view/ the standard deductio Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018. First calculate the gross income, then calculate taxable income and the federal tax liability. (Calculate the is not used in the table, leave the input field empty, do not select a label or enter a zero.) Total income from whatever source derived Minus: Exclusions, as provided in the tax lavw Gross income Requirements a. Compute Linette's taxable income and federal tax liability for 2018 (round to dollars). b. Compute Linette's marginal, average, and effective tax rates. c. For tax planning purposes, which of the three rates in Part b is the most important? Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME INCOME 65,000 22,000 12,000 4,700 103,700 11,500 15,000 DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS 26,500 Single If taxable income is: Not over $9,525 Over $9,525 but not over $38,700 Over $38,700 but not over $82,500 Over $82,500 but not over $157,500 Over $157,500 but not over $200,000 Over $200,000 but not over $500,000 Over $500,000. 10% of taxable income. $952.50 + 12% of the excess over $9,525. $4,453.50 + 22% of the excess over $38,700. $14,089.50 + 24% of the excess over $82,500. $32,089.50 + 32% of the excess over $157,500. $45,689.50 + 35% of the excess over $200,000. $150,689.50 + 37% of the excess over $500,000Step by Step Solution
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