10 Nov 1- The three different levels of government (feder
1- The three different levels of government (federal, state and local) must impose taxes to carry outtheir functions. For each of the types of taxes below discuss which level of government primarily useswhat type of taxA- property taxB- excise taxC- sales taxD- income taxE- employment tax2- Latesha, a single taxpayer, had the following income and deductions for tax year 2015 :Income :SalaryBusiness income80,00025,000Interest income from bonds 10,000Tax exempt bond interestTotal income5,000120,000Deductions :Business expenses9,500Itemized deductions20,000Personal exemption4,000Total deductions33,500A- Compute her taxable income and federal tax liability for 2015 (round to dollars)B- Compute her marginal, average and effective tax ratesC- For tax planning purposes which of the three rates in Part B is the most important
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