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Compute latesha taxable income

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Reference no: EM131996459

Question -

1) The profession of tax practice involves four principal areas of activity. Discuss these four areas.

2) Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2013:

INCOME: Salary $60,000

Business Income 25,000

Interest income from bonds 10,000

Tax-exempt bod interest 5,000

TOTAL INCOME 100,000

Deductions: Business expenses $9,500

Itemized deductions 20,000

Personal exemption 3,900

Total Deductions 33,400

a. Compute Latesha's taxable income and federal tax liability for 2013.

b. Compute Latesha's marginal, average, and effective tax rates.

c. For tax planning purposes, which of the three rates in Part b is the most important?

Reference no: EM131996459

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