During the most recent year, an estate generated income of $26,000:   Rental income$11,700Interest income 7,800Dividend income 6,500?Prepare a schedule to show the amount of federal income tax that must be paid.

What will be an ideal response?



   
Income tax:  
15% on the first $2,550$382.50
25% on the next $3,400 (subtotal $5,950) 850.00
28% on the next $3,100 (subtotal $9,050) 868.00
33% on the next $3,350 (subtotal $12,400) 1,105.50
39.6% on the next $3,640 (total $16,040) 1,441.44
Federal income tax$4,647.44


Business

You might also like to view...

Hurricane Katrina was the costliest hurricane in US history

A) noun B) verb C) adjective D) adverb

Business

Which of the following is NOT one of the four problems for marketers seeking to promote a service's benefits described by Banwari Mittal?

a. Distribution b. Abstractness c. Generality d. Non-searchability e. Mental impalpability

Business

When completing a forward pass you carry the early finish to the next activity where it becomes its early start, unless the next succeeding activity is a merge activity. In this case you select the largest early finish number of all its immediate predecessor activities. Why do you select the largest early finish number?

Fill in the blank(s) with the appropriate word(s).

Business

One effective way of neutralizing defensive behavior during the appraisal interview is to depersonalize as much as possible the criticism leveled against the employee

Indicate whether the statement is true or false.

Business