Deeana, Henry, and Pat have equal ownership of My Business LLC which made a profit of $90,000 this year. Deeana and Henry have a 28% tax rate and Pat has a 15% rate. The company has a 20% tax rate. How much total taxes will be paid on Pat's portion of the profit?
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Deeana, Henry, and Pat have equal ownership of My Business LLC which made a profit of $90,000 this year. Deeana and Henry have a 28% tax rate and Pat has a 15% rate. The company has a 20% tax rate. How much total taxes will be paid on Pat's portion of the profit?
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- Accounting 1.Jake pays $8,500 in deductible property taxes. His marginal tax rate is 31%, his effective tax rate is 26% and his nominal average tax rate is 28%. What is Jake's tax savings from paying the property tax? 2.Mike and Liz file a joint return in 2021. AGI is 64,000 and they have $27,000 of itemized deductions. Mike and Liz are both 65. What is their taxable income for 2021? a. $35,500 b. $36,200 c. $37,000 d. $38,900 e. None of the answers provided is correct.In 2020, Ms. Montibon owns a grocery store with gross receipts of P1,375,000. Her cost of sales and operating expenses are P600,000 and P400,000, respectively, and with non-operating income of P100,000.1. What business tax is due to her?2. How much is the income tax due to her?3. How much tax due if she availed the OSD?a. Hunter Corporation has $250,000 in gross income, $125,000 in deductible business expenses, and a $12,000 business tax credit. Determine the corporation's net tax liability. b.Maria is a single individual with taxable income of $75,000 in 2018. What marginal tax rate should she use to determine the tax savings from a $2,000 deductible expense? c. Denise files her 2018 tax return on February 4, 2019. If there is no material understatement of income on her return and the return is properly signed and filed, when does the statute of limitations expire for Denise's 2018 tax return?
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