Determine a corporation taxable income

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Reference no: EM133222597

Problem 1 - Marlee is a single parent with three dependent children and qualifies as head of household in 2015. Determine her taxable income if she has salary income of $71,000 and interest income of $1,500.

Problem 2 - Determine a corporation's taxable income if it has $450,000 of gross receipts, $145,000 cost of goods sold, $276,000 of deductible business expenses, $20,000 of gain on the sale of machinery, and $500 of interest income from State of New York bonds.

Problem 3 - Refer to the information in problem 1. Determine Marlee's income tax liability for 2015.

Problem 4 - Refer to the information in problem 2. Determine the corporation's income tax liability.

Reference no: EM133222597

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