Computing the tax liability

Assignment Help Accounting Basics
Reference no: EM13134603

In 2010, Athena reported $35000 of taxable income. Of this, $30000 came from her work at the local library and the remaining $5000 was from capital gains to be taxed at preferential rates. Compute her tax liability for 2010 as a single taxpayer.

Reference no: EM13134603

Questions Cloud

Find the length and width : The peremiter of a cross section of a piece of lumber is 34 1/2 in. The length is twice the width. Find the actual dimension of the cross section of this piece of lumber.
How much of the ordinary loss allocated to parker : In 2012, Johnson Corp. reported $8,000 of ordinary business income. How much of the $25,000 ordinary loss allocated to Parker clears the tax basis hurdle for destructibility in 2011?
What level of biomass generates this amount of harvest : What is the maximum amount of harvest that can be sustainably achieved in this system? What level of biomass generates this amount of harvest?
What is the contribution margin per pound : Wilson's Meats has computed its fixed costs to be $.60 for every pound of meat it can sell given an average daily sales level of 500 pounds. It charges $3.89 per pound of top-grade ground beef. The variable cost per pound is $2.99. What is the con..
Computing the tax liability : In 2010, Athena reported $35000 of taxable income. Of this, $30000 came from her work at the local library and the remaining $5000 was from capital gains to be taxed at preferential rates. Compute her tax liability for 2010 as a single taxpayer.
Geometry-trapezoids : Determine whether it is possible to find a circumscribable, isoceles "true" trapezoid (in which the parallel sides are not congruent) that has each of the following properties. Justify the answer
What is the difference between the aggregate and entity : What is the difference between the aggregate and entity theory of partnership taxation? Provide two examples of how partnership tax rules reflect the aggregate theory and two examples of how they reflect the entity theory.
Find probability that someone who gets an a : Only 10% of those who don't study get an A, what is the probability that someone who gets an A actually studied for the test.
Explain a large number of polycyclic benzenoid aromatic : A large number of polycyclic benzenoid aromatic hydrocarbons are known. One of these, benz/a/pyrene, is a powerful carcinogen found in tobacco smoke.

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Southside city debt service fund

Assuming the City maintains it books and records in a manner that facilitates the preparation of the fund financial statements, prepare journal entries, in the Debt Service Fund, for the following transactions.

  Cash proceeds at the time of bond

Interest has not been accrued since the last interest payment date. What is the entry to record the cash proceeds at the time the bond is sold?

  Income tax journal entry for fairfax company

Fairfax Company had a balance in Deferred Tax Liability of $840 on December 31, 2014, resulting from depreciation timing differences. Make the income tax journal entry for the Fairfax Company for December 31, 2014.

  Net realizable value of the accounts

Compute the net realizable value of the accounts receivable of Lucille Company at December 31, 2007.

  Expected cash receipts from current-prior credit sales

Projected sales for December, January, and February are $60,000, $85,000 and $95,000, respectively. The February expected cash receipts from all current and prior credit sales is:

  Elimination of the intercompany sales transaction

In Walker's December 31, Year 1 elimination of the intercompany sales transaction, the intercompany profit that must be eliminated from ending inventory is:

  What was the total actual cost of the direct materials

Based on the information in question #1 what was the total standard cost of direct materials allowed during May?

  Basics of rentals and stocks

Unfortunately, both the rentals and the stocks have lost over half its value due to recent market crashes . As a sole beneficiary of his estate, how would you advise your dear uncle?

  Payment alternatives for the use of space

The company will purchase the carpets from a local distributor for $350 each, with the privilege of returning any unsold units for a full refund. Jerry's club has offered Color Rugs two payment alternatives for the use of space.

  Monthly schedule of cash receipts

Seventy percent of Diamond Beauty Supply shop sales are on credit with 60 percent of receivables collected in the month after the sale and the rest of receivables collected in the second month after the sale. Prepare a monthly schedule of cash rece..

  What is the target variable cost per mouse

A company believes it can sell 5,000,000 of its proposed new optical mouse at a price of $11.00 each. There will be $8,000,000 in fixed costs associated with the mouse. If the company desires to make a profit $2,000,000 on the mouse, what is the t..

  Current federal income tax liability

What amount should Munoz report as its current federal income tax liability on its December 31, 2011 balance sheet?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd