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Charles is a single taxpayer has the following income and deductions for the current tax year:
INCOME
Salary 70,000
Business Income 25,000
Interest Income from bonds 10,000
Tax-exempt bond interest 5,000
Total Income 110,000
DEDUCTIONS
Business expenses 10,000
Itemized deductions 20,000
Personal exemptions 4,050
Problem 1: Compute the taxable income and federal tax liability for the current year.
Problem 2: Compute the marginal, average and effective tax rates.
Problem 3: For tax planning purposes, which of the three rates in part 2 is the most important?
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