Question

What determines an individual's tax burden?

Discuss the treatment of potential gain or loss from the sale of a principal residence

Recommend potential and ethical tax planning opportunities for reducing an individual's tax liability.

Explain the legal and ethical implications in relation to improper or erroneous tax filings.

Answer 1

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ANS ::-

AS FOR GIVEN DATA...

EXPLAATION ::-

There are many factors that are helpful in determining an individual tax burden.

1:- Taxable income : Marginal tax rate determine how taxable income is taxed and those who pay income taxes are divided up into different ranges known as tax brackets.income in each bracket is then taxed at a specific rate.

2:- Tax deduction : many taxpayer claim the standard deduction,which depends on your age,your income and your filling status.some deductible expenses include mortgage interest, charitable contributions and medical expenses.Depending on what gives you the larger deduction.

3:- Filling status : the taxes you pay depend on your filling status .so whether you file as single, married filing separately, married filling jointly or head of household will affect how much income tax you owe.

4:- Adjustments : To determine your total taxable income,you must add up all of your earned income and unearned income.then you subtract yout adjustment to find your adjusted gross income.

AS FOR CHEGG RULES WE ANSWER ONE QUESTION ONLY....

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