Explain the concept of marginal tax rate

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

Reference no: EM132453961

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