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What is the amount of income that will be allocated to each partner using the details below?

July 13, 2010 By: admin Category: General

A and B are partners. at the beginning of the current year, A's capital account is $30000, and B's is $50000. A and B decided to allocate income with 10% interest on capital balances at the beginning of the period and divide the balance equally. Net income for the current year is $80000. Each partner withdrew $150000 for personal use during the year. What is the amount of income that will be allocated to each partner?

What is the Amount of Income Required To File a Tax Return?

July 12, 2010 By: admin Category: General

Hi,

(1) Can somebody please tell me what amount of income requires you to file a federal & state & social security taxes for each of the year since 1990 ? ( I mean filing Requirement for an unmarried single Person ) I need to know for each of those years.I am single unmarried individual.

(2) If my income is below the filing requirement amount, am I still suppose to file for a state tax return ? If yes where can I get the tax rate table & forms for all those years ?

(3) If income is below the filing requirement amount, am I suppose to file for social security tax ? If yes, where can I get the tax rate tables & forms for all those years ?

(4) Where can I find the tax rate schedules for each of those years for all 3 Federal, state & Social security taxes ?

(5) If the filing requirement amount was say $10,000.00, is that amount after the standard deduction of $3600.00 for an individual or how does it work ?

I would really appreciate all the help.

Thank You.