Juana Peña owns a main auto parts sales business, in which she lost $ 46,000. In...
Homework Answers
In the given problem
Net income in Non-core business of $ 50,000. According to Puerto Rico
state tax and Optional tax 5.5%
Municipal tax 1.5%
$50,000 X 5.5% = $ 2,750
$50,000- 2,750= $47,250
$47,250 X 1.5% =713 (712.8)
$ 2,750 +$713=3,463
So Adjusted gross income is $ 50,000-3,463= 46,537
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Juana Peña owns a main auto parts sales business, in which she
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Advanced Scenario 8: Ramon Torrez Directions Using the tax software, complete the tax retum, including Form 1040 and all appropri- ate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNS) or Employer Identification Numbers (EINS), replace the Xs as directed, or with any four digits of your choice. For the purpose of these scenario questions only, ignore the...
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