What is the adjustment amount in computing california agi

Reference no: EM132779188

Problem 1: A taxpayer who is in the 28% federal tax bracket and the 9.3% California tax bracket wants to determine the taxable rate of interest she/he should seek to compare to a 5.5% tax free rate. What is that rate?

Problem 2: A taxpayer sells an asset for $24,340. Her federal adjusted basis in the asset is $16,780 and her California adjusted basis is $19,120. What is the adjustment amount in computing California AGI? If the adjustment is negative, show the amount in parentheses

Reference no: EM132779188

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