Reference no: EM131904948
Assignment Description: Another client, Ms. Dunham, has asked you to help her understand how her tax is computed. You need to provide Ms. Dunham with the following:
An example of how to calculate the tax liability using the tax rate table and the tax rate formula for a taxpayer with taxable income of $55,000, filing status married filing jointly.
An explanation of the marginal tax rate and average tax rates for this tax payer.
Be clear in our elaboration s that Ms. Dunham, a person with no business or tax background, can understand.
Please submit your assignment.
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Reading Assignment : Pope et al., chapter IN2
Assignment Objectives : Assess the sources of federal income tax law
Calculate the amount of taxable income and income tax due for a typical individual taxpayer
Differentiate the sources of income that are typically included and excluded in the determination of individual taxable income