Your written responses must be neatly typed and free of major grammatical and sp

Question

Your written responses must be neatly typed and free of major grammatical and spelling errors. Think of a significant accident that occurred in your life (e.9. an automobile collision, a bad fall, kitehen disaster, etc.) Who was ultimately responsible for the accident? Were aare of the root cause or hazard before the incident? Over what length of time did it occur? How do you feel now, when you reflect on that incident? What "lessons learned could be gleaned from the event? Note that "ultimately responsible" means the person(s) who created a situation or system that allowed the incident to occur, not necessarily who was there when it happened

Explanation / Answer

Ms. Susan Smart,

USA.

Subject: Tax Return for Year 2015.

Dear Madam,

Based on the information provided by you we have made necessary calculations and are hereby attaching you the tax return calculation on your Income for the year 2015.

You have mentioned that you have sold the seld occupied property on July 1, 2015 at $1,100,000. This income is excluded from your income as you owned your home and lived in it for at least 2 years out of the 5-year period leading up to the sale.But in this case you cannot claim the deduction for depreciaition as that was a self occupied preperty for 2015.

The normal calulation tax based on your income is as follows:

It looks like you will owe additional tax in the amount of $8719 based on the data you have submitted.

Also we advise you to filke Form 1040 relating to the income arising from sale o

Filing Status: Single Dependents: 1 Exemptions: 2 Exemption Value: 8000 Income: 70000 Adjustments to Income: 0 Adjusted Gross Income(AGI): 70000 Standard Deduction: 6300 Itemized Deduction: 0 Taxable Income: 55700 Tax: 9719 Credits: 1000 Other Taxes: 0 Payments: 0 Your Tax Bracket: 25% Your Effective Tax Rate: 17%

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