Latesha, a single taxpayer



Latesha, a single taxpayer, had the following income and
deductions for the tax year 2012:income salary$60.000 Busines income25.000
interest income from bonds10.000
Tax-exempt bond interest 5.000 total income
Busines expenses $9.500
Itemized deductions$20.000
Personal exemption 3.800
Total deduction $33.300.
Requiered:a. Compute Latesh’ taxable income and
federal tax liability for 2012 ?(using the table gave in class).
b.Compute Latesha’s marginal, average, and
effective tax rates.
c. For tax planning purposes, which of the three
rates in part b is the most important?


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