12 Answered Questions for the topic tax preparation
Are the LT capital gains tax rates based off gross income or AGI?
Say a single filer has 2019 wages of $50,000 and LT capital gains of $10,000. Would I use $60,000 to determine my capital gains tax rate or $47,800 ($60,000 less the 2019 standard deduction)? I... more
What tax form scheduale can be used for MACRS
· If I have assets placed in service before 2019 on Form 4562, line 17. What Supporting Schedule can be used to show the depreciation?
Filing status exemptions and eitc?
Karla is 25, unmarried and was a full-time student from January through June. Karla worked part time but did not provide more than 50% support for herself or her son Sam, who is 1. Karla and Sam... more
Tax Preparation Functions
Piece Wise Function for Taxes
The total income is $35000The tax rate on all taxable income is 15% which makes the taxable income is $24600 (I think)Write a function to model the total tax paid, T(x), with a total income of x... more
Elise worked for 30 years for her employer. She has decided to retire. Elise is 60 years old. She contributed $15,000 pre-tax to her qualified employee pension plan. Elise will receive from the... more
There is a big difference between improvements and repairs. The cost of property improvements generally must be capitalized and depreciated over several years (
a. Improvements are actions that marginally add to the value of the property and does not substantially prolong its life. b. Improvements are actions that brings a property back to its original... more
Find the amount of tax and the tax rate. If necessary, round to nearest tenth of a percent. Cost of item: $156 Selling price: $183.30 a. Find the Tax. Include the dollar sign in your answer. b.... more
where do you report the "interest on allied savings" when filing individual tax return?
also where do you report "withholding", "FICA/Medicare" when filing individual income tax return?
Sam and Melissa are in the 10% tax bracket and itemize their deductions. How much will their tax bill be reduced if they qualify for a $1100 tax credit?
what is 9 line other income on a wage use for
I would like to know what this line is use for line 9 other income on a wage form I don't want to put my income in the wrong place
Please help me the question is in the description box it was to long
Shana wants to buy a new bicycle that has a retail price of 259.99. She knows that it will be on sale next week for 30% off the retail price. If the tax rate is 7%, find the total amount, to the... more