Answer:
24%
Explanation:
For the taxes due on April 2020 (current year taxes):
The Lin household falls under the fourth tax bracket for married individuals filing jointly:
- tax rate 24%
- Income between $171,051 to $326,600
If no deductions were available, they would owe $188,000 x 24% = $45,120 in taxes.
Answer:
to keep track of all business transactions in case of an audit
Answer:
$7,000
Explanation:
the partnership's net income = $160,000 - $100,000 - $24,000 - $28,000 = $8,000
since net income is divided equally among the 4 partners, then each partner is allocated $2,000
Kellie's capital account = $5,000 + $2,000 (her share of profits) = $7,000
if she withdraws more than $7,000, then she should report a gain in excess of basis
