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MindTap for Garman/Forgue's Personal Finance Tax Update, 13th Edition [Instant Access], 1 term
13th Edition
ISBN: 9780357438886
Author: GARMAN, E. Thomas, Forgue, Raymond
Publisher: Cengage Learning US
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Question
Chapter 4, Problem 3BYOPFM
Summary Introduction
To determine: The relevant steps in filing an income tax return to obtain a tax refund.
Introduction:Tax return is about completing the relevant documentation that will calculate an individual’s or entity’s income earned with the amount of tax payable to the government. This will be done in order to calculate the taxpayer’s tax liability, schedule tax payments or even to request for the tax refunds for the overpayment of taxes.
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Students have asked these similar questions
Name:
Activity Worksheet #4 (Chapter 4)
TRUE/FALSE
Personal income taxes are paid only on your taxable income.
1.
The key to reducing one's tax liability is to reduce taxable income rather than gross
2.
income.
MULTIPLE CHOICE
3. Which of the following would be considered smart financial planning?
a. Turn all your income tax planning over to someone else
b. Withhold too much income in order to receive a refund next year.
c. Ignore the impact of income taxes in your personal financial planning
d. Contribute to your employer-sponsored 401(k) retirement plan at least up to the amount
of the employer's matching contribution
taxes are based on one's ability to pay
a. Progressive
b. Regressive
c. Marginal
d. All of these
5. Dave Scott's total income is $42,000, but his taxable income is only $34,050. Therefore, his tax
percent
liability (what he owes in taxes) is 4,694. Dave's average tax rate is approximately
С. 15
а. 11
b. 14
d. 25
6. Jeff is trying to decide whether to sell his baseball…
Using the search terms, “What do I need to know before I file my taxes” or “Tax changes to know before filing my taxes”, share your findings with your classmates. In your response, summarize your findings and include the following:
Search term(s) used.
Note one thing you found interesting or learned about for the first time involving Individual Taxes — Income, Exclusions, and Filing Status from your research.
Include a link to the reference used.
Evaluate the three strategies reducing income, increasing deductions, and taking advantage of tax credits that you listed based on their overall effect on a person's tax situation (the amount of income taxes that the person will have to pay). Evaluate the ethical issues related to the payment of income taxes. in other words, if there is a legal tax-saving strategy available to a person who earns $50,000 per year, will it be ethical for the person to utilize this strategy in order to pay less tax? State how your answer to the previous question would change if the person were making $1,500,000.
Chapter 4 Solutions
MindTap for Garman/Forgue's Personal Finance Tax Update, 13th Edition [Instant Access], 1 term
Ch. 4.1 - Prob. 1CCCh. 4.1 - Prob. 2CCCh. 4.1 - Explain why some taxpayers have an effective...Ch. 4.2 - Prob. 1CCCh. 4.2 - Prob. 2CCCh. 4.2 - Prob. 3CCCh. 4.2 - Prob. 4CCCh. 4.2 - Prob. 5CCCh. 4.2 - Prob. 6CCCh. 4.2 - Prob. 7CC
Ch. 4.3 - Distinguish between two major types of...Ch. 4.3 - Prob. 2CCCh. 4.3 - Prob. 3CCCh. 4.3 - Prob. 4CCCh. 4 - Calculate Tax Liability. What would be the tax...Ch. 4 - Prob. 2DTMCh. 4 - Determine Tax Liability. Find the tax Liabilities...Ch. 4 - Use Tax Rate Schedule. Jared Goff, of Los Angeles,...Ch. 4 - Use Tax Rate Schedule. Carson Wentz, of...Ch. 4 - Review Figure 4-1 on page 117 and comment on the...Ch. 4 - The Johnsons Calculate Their Income Taxes Several...Ch. 4 - Prob. 2FPCCh. 4 - Prob. 3FPCCh. 4 - Prob. 4FPCCh. 4 - Taxable Versus Tax-Exempt Bonds Paxton Lynch,...Ch. 4 - Prob. 6FPCCh. 4 - Prob. 3BYOPFM
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