For 2019 Annita has gross income of $100,000 and deduction of $160,000 for regular tax purposes. What
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For 2019 Annita has gross income of $100,000 and deduction of $160,000 for regular tax purposes.
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What are the tax consequences to Annita in the current year?
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Would the result have any impact on Annita’s tax liability in the prior year if it had taxable income in that year of $50,000?
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Suppose that for the following year Annita has taxable income from all activities in that year of 30,000. Assume the tax rate is a flat 21% of taxable income. How much federal tax will Bagco pay in that year?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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