Reference no: EM132453961
Question 1 Explain in your own words the concept of marginal tax rate.
Question 2 Does a single individual making $500,000 pay the same marginal tax rate as another making $1 million? Explain.
Question 3 You decide to sell a house that you bought 5 years ago with the purpose of renting it. Its purchase price was $300.000, and now its market value is about $500,000. How much should you expect to pay in taxes for the sale of this house?
Question 4 What is the average tax rate paid by a single person with a $60,000 adjusted gross income for 2008?
Question 5 What is the name of the amount of money that can be deducted directly from the computed tax, instead of from the taxable income?
Question 6 Which business enterprises pay untaxed profits to owners/ partners who then pay the taxes on their individual returns?
Question 7 Peachtree Construction, Inc., which is incorporated as a corporation, reported a NOL of $500,000 in 2008. Given the following data, how much of this NOL is likely to be available as a deduction from its profit in 2009?
- The company was created in 2006.
- It had a NOL of $100,000 in 2006.
- It reported a nrofit before taxes of $400.000 in 2007.
Attachment:- tax rate.rar