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PFIN 5th Edition by Randall Billingsley,Lawrence Gitman,Michael Joehnk
Edition 5ISBN: 978-1305661707PFIN 5th Edition by Randall Billingsley,Lawrence Gitman,Michael Joehnk
Edition 5ISBN: 978-1305661707 Exercise 5
Choosing and preparing an individual tax form. Use Worksheets 3.1 and 3.2. Jon Fong graduated from college in 2014 and began work as a systems analyst in July of that year. He is preparing to file his income tax return for 2014 and has collected the financial information shown below for that calendar year.
a. Prepare Jon's 2014 tax return, using a $6,200 standard deduction, a personal exemption of $3,950, and the tax rates given in Exhibit 3.3. Which tax form should Jon use, and why?
b. Prepare Jon's 2014 tax return using the data in part a along with the following information:
Which tax form should he use in this case? Why?
a. Prepare Jon's 2014 tax return, using a $6,200 standard deduction, a personal exemption of $3,950, and the tax rates given in Exhibit 3.3. Which tax form should Jon use, and why?
b. Prepare Jon's 2014 tax return using the data in part a along with the following information:
Which tax form should he use in this case? Why?
Explanation
Verified
Verified
The status of taxpayer is single. The in...
PFIN 5th Edition by Randall Billingsley,Lawrence Gitman,Michael Joehnk
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