Individual Income Tax custom essay

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You have just been notified by your firm’s Managing Principal that another financial planner has decided to leave the firm. Some of her clients will be notified that you will be their new point of contact for their planning.

The former planner had a fairly diverse group of clients and you plan to meet with each of them to help better understand their financial situations and see if any of them could benefit from your specific approach to financial planning that comes from a taxation perspective.

client, Ms. Dunham, has asked you to help her understand how her tax is computed. You need to provide Ms. Dunham with the following:
?An example of how to calculate the tax liability using the tax rate table and the tax rate formula for a taxpayer with taxable income of $55,000, filing status married filing jointly.
?An explanation of the marginal tax rate and average tax rates for this tax payer.
Be clear in our elaboration s that Ms. Dunham, a person with no business or tax background, can understand.

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