Business

Homework Assignment #1 3-31 Adjusted Gross Income = $40,000.00 cold-shoulder:   Itemized Deductions of $11,950.00 little:   Personal Exemptions of $ 4($3,700.00) =$14,800.00 Taxable Income = $13,250.00 3-32 Adjusted Gross Income = $70,000.00 polished:   Itemized Deductions of $9,000.00 Less:   Personal Exemptions of $ 3($3,700.00) =$11,100.00 Taxable Income = $49,900.00 3-36.   Compute Stanleys taxable income for 2011, presume he has $1,000 in w grows from working in a market place store and $2,000 in interest income from round bonds he owns. Stanley, age 16, is claimed as a dependent on his pargonnts return. Gross Income = $3,000.00 Less:   Standard Deduction = $1,000.00 + $300.00 = $1,300.00 =$1,700 Stanleys honorary income is reduced by $1,900 (the first $950 clause + the $950 standard deduction), leaving $100 of dinero honorary income. The $100 of net unearned income is taxed at the additional rate of the parents while remaining $1,600 is ta xed at Charleys rate fall Taxable Income = $1,600.00 13-55   The gross loot percentage:.   A.   50,000/200,000 =0 .25   B. 81,000/300,000 = 0.27   C.

96,000/400,000 =0 .24 hit Gross Income: $25,000.00(.25) = $6,250.00 + $80,000.00 (.27) =$21,600.00 + $125,000.00(.24) = $30,000.00 Total Gross Income for 2011 = $57,850.00 13-60 d.All of the above are acceptable form-ends. Every freshly organized corporation has the free right to select its one-year accounting block. The tax year may either be the calendar year or a fiscal year. A new corporation comes into innovation on the date of its incorporation. file Form 7004 with resp! ect to a first return is an option to adopt the accounting period indicated on that formIf you want to break down a full essay, station it on our website: OrderCustomPaper.com

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