L_Martin_Tax_Asgmt

L_Martin_Tax_Asgmt - Leanne Martin PFP 4361 Professor Vicki...

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Leanne Martin PFP 4361 Professor Vicki Hampton 21 June 2011 Personal Income Taxes 1. Prepare a 2010 tax return for Cassie using the financial data in the original case. You will be completing Form 1040, Schedule A, Schedule B, and Schedule D. Forms can be located at www.irs.gov . See attached NOTES: Cassie moved into her condo in November of 2010. Her total mortgage interest paid for 2010 was $1,250. Cassie contributed $2,500 to United Way in 2010 Cassie's tithes for 2010 totaled $7,500 Cassie contributed $350 worth of old clothing to Salvation Army in November 2010 and received a receipt for their donation. 2010 exemption amount is $3,650; standard deduction is $5,700. Cassie prepaid $13,500 in taxes. Assume that all of the capital gains distributions are long-term gains 2. What is Cassie's average tax rate? Her average tax rate is 18%. What is their marginal tax rate? Cassie’s marginal tax rate is 25%. 3.
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L_Martin_Tax_Asgmt - Leanne Martin PFP 4361 Professor Vicki...

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