100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
SOLUTION MANUAL FOR Fundamentals of Taxation for Individuals A Practical Approach, 2024 Edition Gregory A. Carnes, Suzanne Youngberg Chapter 1-18 $17.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. Fundamentals Of Taxation
  4.  
  5. Fundamentals of Taxation

Exam (elaborations)

SOLUTION MANUAL FOR Fundamentals of Taxation for Individuals A Practical Approach, 2024 Edition Gregory A. Carnes, Suzanne Youngberg Chapter 1-18
 2 views  0 purchase
  • Course
  • Fundamentals of Taxation
  • Institution
  • Fundamentals Of Taxation

SOLUTION MANUAL FOR Fundamentals of Taxation for Individuals A Practical Approach, 2024 Edition Gregory A. Carnes, Suzanne Youngberg Chapter 1-18

Preview 4 out of 615  pages

Document information

  • November 13, 2024
  • 615
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • solution manual for fundamentals of taxation for i
  • gregory a carnes suzanne youngberg chapter 1 18

Written for

  • Fundamentals of Taxation
  • Fundamentals of Taxation

Seller

avatar-seller
professoraxel

Reviews received

Content preview

SOLUTION MANUAL FOR
Fundamentals of Taxation for Individuals A Practical Approach, 2024 Edition Gregory A.
Carnes, Suzanne Youngberg
Chapter 1-18
Chapteri1TheiProfessionaliPracticeiofiTaxationiEn
d-of-ChapteriSolutions

DiscussioniQuestions

1.
Title:iDiscussioniQuestioni1i
Difficulty:iEasy
LearningiObjectivei1:i1.1iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.1
Solution:
Theigoaliofitaxiplanningiisitoimaximizeiafter-taxiincome.iAfter-
taxiincomeiisinetiincomeiafterireducingirevenueiforialliexpensesiincludingifederaliincomeitaxes.i
Taxiplanningishouldiconsideritaxifactorsiasiwelliasinon-taxifactors.
TimeiOniTask:i2iminutes

2.
Title:iDiscussioniQuestioni2i
Difficulty:iEasy
LearningiObjectivei1:i1.2iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.2
Solution:
Theiformulaitoicalculateianiindividual‘sitaxableiincomeiisiasifollows:

Grossiincome
Less:iDeductionsiforiAdjustediGrossiIncomei
AdjustediGrossiIncome
Less:iGreateriofiStandardiDeductionioriItemizediDeductions
Less:iQualifiediBusinessiIncomeiDeductioni
Taxableiincome
TimeiOniTask:i2iminutes

3.
Title:iDiscussioniQuestioni3i
Difficulty:iEasy


1-1

,LearningiObjectivei1:i1.2iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.2
Solution:
Formi1040iisiuseditoifileianiindividual‘siincomeitaxireturniinformation.iFormi1040SRicanibeius
edibyithosei65iandiolder.
TimeiOniTask:i1iminute

4.
Title:iDiscussioniQuestioni4i
Difficulty:iMediumiLearnin
giObjectivei1:i1.3
Standardi1:iAACSBi||iKnowledgeiSt
andardi2:iAICPAi||iAC:iReportingiSt
andardi3:iBloom'si||iKnowledgeiSecti
oniReferencei1:i1.3
Solution:
Ailower-incomeitaxpayerineedsieveryiafter-
taxidollariearneditoipayibillsiandidoesinotihaveimuchidiscretionaryiincome.iIfitheiincomeitaxirateiin
creases,itheilower-
incomeitaxpayerimayihaveitoiworkimoreihoursiatitheiricurrentijobioritakeionianotherijobitoihaveithe
isameiamountiofiafter-
taxiincome.iAiwealthieritaxpayerimayiviewitheiincreaseditaxirateiadverselyibutihasimoreiflexibility
iwithitheiridiscretionaryiincome.iTheiwealthieritaxpayerimayiviewitheirileisureitimeiasimoreiimpor
tantithaniworkingiextraihoursitoiearnitheisameiafter-taxipay.
TimeiOniTask:i4iminutes


5.
Title:iDiscussioniQuestioni5i
Difficulty:iEasy
LearningiObjectivei1:i1.3iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.3
Solution:
Taxiplanningiisitheiprocessiofiestimatingianiindividual‘sitaxiliabilityiforimultipleiscenariosiand/o
rimultipleiyearsiandiconsideringiwaysitoireduceiit.iTheiappropriateigoaliforitaxiplanningiisitoimaxi
mizeiafter-taxiincome.iAfter-
taxiincomeiisinetiincomeiafterireducingirevenueiforialliexpensesiincludingifederaliincomeitaxes.iT
axicomplianceiisideterminingitheitaxieffectsiforitransactionsithatihaveialreadyioccurred,iincludin
githeipreparationiofitaxireturns.
TimeiOniTask:i4iminutes

6.
1-2

,Title:iDiscussioniQuestioni6




1-3

, Difficulty:iMediumiLear
ningiObjectivei1:i1.3
Standardi1:iAACSBi||iKnowledgeiSt
andardi2:iAICPAi||iAC:iReportingiSt
andardi3:iBloom'si||iKnowledgeiSecti
oniReferencei1:i1.3
Solution:
Aniopenitransactionimeansithatitheiproposeditransactioniisinotiyeticompleted.iAicloseditrans
actionimeansithatitheirelevantieventsihaveialreadyihappened,ianditheifactsiareiset.iThisidistincti
oniisiimportantibecauseiinianiopenitransaction,itheifactsiandiresultsicanibeichangeditoiachieveiai
betterioutcome.iAicloseditransactionidoesinotiallowiforithis.
TimeiOniTask:i3iminutes

7.
Title:iDiscussioniQuestioni7i
Difficulty:iEasy
LearningiObjectivei1:i1.3iStandar
di1:iAACSBi||iKnowledge
Standardi2:iAICPAi||iAC:iReportingi
Standardi3:iBloom'si||iKnowledgeiSe
ctioniReferencei1:i1.3
Solution:
Theimarginalitaxirateiisitheirateithatiappliesitoitheinextiadditionalidollariearned.iTheiaverageitaxi
rateiisitotaliincomeitaxidividedibyitaxableiincome.iTheieffectiveitaxirateiisitotaliincomeitaxidivide
dibyitotaliincome.
TimeiOniTask:i3iminutes

8.
Title:iDiscussioniQuestioni8i
Difficulty:iMediumiLearnin
giObjectivei1:i1.3
Standardi1:iAACSBi||iAnalytic
Standardi2:iAICPAi||iAC:iMeasurementiAnalysisiandiInterpretationiS
tandardi3:iBloom'si||iApplication
SectioniReferencei1:i1.3i
Solution:
Ifiaitaxpayeriisiiniaihigheritaxibracketiinitheicurrentiyeariandiexpectsitoibeiiniailoweritaxibracketinex
tiyear,iheiwouldihaveitaxisavingsifromidelayingitheireceiptiofiincomeitoinextiyear.iIfitheicurrentiye
ar‘sitaxirateiisihigher,iheiwouldireceiveimoreitaxibenefitifromiacceleratingideductibleiexpensesiint
oitheicurrentiyeariratherithaniwaitingiuntilitheinextiyeariwhenitheimarginalitaxirateiwouldibeiless.
TimeiOniTask:i4iminutes

9.
Title:iDiscussioniQuestioni9i
Difficulty:iEasy




1-4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller professoraxel. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

71498 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$17.99
  • (0)
  Add to cart