Module One Homework: Taxes
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In Chapter 2 of your Fundamentals of Healthcare Finance textbook you read about the impact of taxes on both you personally as well as corporations.
Please download and complete the Module 1 Assignment to your desktop. Submit the completed assignment (worth 10 points) to this drop box by Sunday before midnight EST. Save your homework assignment using the following file-naming format to receive full credit: HSA3170_Mod 1HW_Last Name.
In your readings this week, you learned about taxes, how they can impact you personally, and how they can impact organizations.Use what you have learned in your readings to complete the following problems.Show all work for full credit.
1. (2 pts) Assuming that you are in the 35% tax bracket, what would your net income be on a gross income of $250,000?
2. (4 pts) If a person is in the 40% personal income tax bracket and they make a $1000 donation to a not-for-profit corporation, how much would their taxable income be reduced?
b. How much money in taxes would this person save?
3.(4pts) What are the primary differences between investor-owned and not-for-profit organizations?