Individually answer the following questions through the Bb assignments module. What tax rates are applicable for individuals?
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Question:
Individually answer the following questions through the Bb assignments module.
- What tax rates are applicable for individuals?
- To which does the alternate basic contribution apply?
- During 2018, Dante determined his net income subject to tax at $38,000. How much is the regular determined contribution?
- Ramiro, 64 years old, bought an annuity of $200,000. During the taxable year you received $15,000 from the annuity. What amount must you include in gross income?
- Israel, bona fide farmer received $35,000 in government incentives. He used this money to buy a tractor that has a useful life of 8 years. How much do you have to include in gross income?
- Jennifer has a clothing sales business, which reported losses of $68,000. Additionally, he reported net income in his non-core business of $62,000. What is your adjusted gross income?
- During this taxable year, Isabel used her motor vehicle 50% for her work and incurred automobile expenses of $9,000. How much can she deduct from her return?
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