Amount of income subject to tax

Assignment Help Mathematics

Reference no: EM131800735

1. A tax deduction is an item/ expense that's subtracted from the gross income to reduce the amount of income subject to tax and the actual amount reduced is depended on an individual's tax bracket. https://www.investopedia.com/terms/d/deduction.asp Moving forward, what is the difference between a standard deduction and an itemized deduction? Can you please provide an example of an itemized deduction and how it impact taxes due?

2. The 1040 form used by a taxpayer is influenced by the amount and type of his or her income, marital status, number of exemptions, types of deductions, and other forms that must be filed. According to the IRS web site, the three forms used for filing Federal Income Tax returns are the 1040EZ, 1040A, and 1040. Each form has certain uses and limitations. Moving forward, what sources of assistance would you recommend for a friend who is seeking help with his/her taxes?

Reference no: EM131800735

Questions Cloud

What sample size should be used for a simple random sample : Assume that previous fast-food research has shown that 80 percent of the consumers like curly fries.

Calculate cost of goods sold for may and ending inventory : Calculate the cost of goods sold for May and ending inventory at May 31 using first-in, first-out, last-in, first-out, and the weighted-average cost methods.

Explain why the npv of a relatively long-term project : Explain why the NPV of a relatively long-term project, defined as one for which a high percentage of its cash flows are expected in the distant future

Prepare a sales budget for the last three months of the year : Prepare a sales budget for the last 3 months of the year, including estimated collections of accounts receivable.

Amount of income subject to tax : A tax deduction is an item/ expense that's subtracted from the gross income to reduce the amount of income subject to tax and the actual amount.

Issue of employment choice based on citizenship : Title VII and subsequent employment legislation does not address the issue of employment choice based on citizenship. That is, while US citizenship

Underlying objectives for the definition of risk : 1. What are underlying objectives for the definition of risk? 2. What are three major categories of risk attitudes?

Determining the earned value for project : 1. Using the 50-50 Rule, what is earned value for this project? 2. Using the 0-100 Rule, what is earned value for this project?

What does a broker do in the supply chain system : 1. How can a utility differ to same person from one place to another? 2. What does a broker do in the supply chain system?

User Account

All Pages