Explain formula for individual’s income tax and business entities. Arrange relative tax liability by filing status from lowest to highest? Identify Items that are not Income under US income tax law. ?

Income tax and business entities

Q1. Explain formula for individual’s income tax and business entities. (five marks)

Q2. Arrange relative tax liability by filing status from lowest to highest? (2.5 marks)

Q3. Contrast concepts of Income from accounting , economic and tax perspectives.( use your own words ) (five marks)

Q4. Identify Items that are not Income under US income tax law. ? (2.5 marks)