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FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following ta

FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following ta

FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross salar3. Calculating Average Tax Rate. What would be the average tax rate for a person who paid taxes of $4,864.14 on a tax able in

FINANCIAL PLANNING PROBLEMS 1. Computing Taxable Income. Thomas Franklin arrived at the following tax information Gross salary, $41.780 Interest earnings, $225 Dividend income, $80 One personal exemption, $2,650 Itemized deductions, $3,890 Adjustments to income, $1,150 What amount would Thomas report as taxable income? (Obj. ) 2. Determining Tax Deductions. If Lola Harper had the fol lowing itemized deductions, should she use Schedule A or the standard deduction? The standard deduction for her tax situation is $6,050. (Obj. 2) Donations to church and other charities, $1,980 Medical and dental expenses exceeding 7.5 percent of ad- justed gross income, $430 State income tax, $690 Job-related expenses exceeding 2 percent of adjusted gross income, $1,610 3. Calculating Average Tax Rate. What would be the average tax rate for a person who paid taxes of $4,864.14 on a tax able income of $39,870? (Obj. 2) 4. Determining a Refund or Taxes Owed. Based on the follow ing data, would Ann and Carl Wilton receive a refund or owe additional taxes? (Obj. 2) Adjusted gross income, $43,190 Itemized deductions, $11,420 Child care tax credit, $80 Federal income tax withheld, $6,784 Amount for personal exemptions, $7,950 Tax rate on taxable income, 15 percent LO10 faa chould

manish jayant 10-Apr-2020

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