iampotate1005 iampotate1005

13-09-2022
Business

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mrs. jk recently made a gift to her 19-year-old daughter, alison. mrs. jk’s marginal income tax rate is 35 percent and alison’s marginal income tax rate is 15 percent. in each of the following cases, compute the annual income tax savings resulting from the gift

Answer :

mapooja789 mapooja789

17-09-2022

Annual Income Tax Savings from Gift: $1,500

The gift consisted of debentures paying annual interest of $7,500 to the owner.

Annual Tax Savings = Interest Income x (Mr. JK's Tax - Allison's Tax) = $7,500 x (35% - 15%) = $1,500

Or profit they make. Income tax is usually calculated as the product of tax rate and taxable income. Tax rates may vary depending on the type and characteristics of the taxpayer and the type of income.

Personal income tax is also called income tax. This type of income tax is levied on an individual's wages, salaries, and other types of income. This tax is typically a state-imposed tax. Most people do not pay taxes on all their income as there are tax exemptions, deductions, and deductions.

Learn more about Income Tax here: https://brainly.com/question/26316390

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