Question

x Excel template - Saved Home Insert Data Review View Help Tell me what you want to do 5 X Out - 10-AA 13 Currency Lu Copy BTW. DA S. % 9 et Delete 29 Forsbe Clear 816 1 Personal taxes Salary $84,000.00 Tax Table for Single Individuals Taxable income 4 Dividend Income 5 Interest income 6 LT Stock Sale 7 LT Stock Cost ST Stock Sale 9 ST Stock Cost 10 Personal Exemption 11 Pomured Deductions 12 Aplicable Tax Rate on Dividends & LT Capital Gains B $13,000.00 $8,700.00 $2150000 $5.500.00 $14,000.00 $5,200.00 $4,000.00 $700.00 15.00 Percentage Amount Paid on Exces on Bane o ver Bane 000 10009 $902.50 45.00 $5,156.25 2500 $18.481 25 200% $46,075.25 100% $119.401.25 36004 $119.996.25 39.60% $0.00 $9.225.00 $37,450.00 $90.750.00 $180,750.00 5411,500.00 1413.200.00 14 Calculation of Federal Tax Liability 15 Calculation of Taxable income: 16 Salary 17 Interest Income 18 ST Capital Gains 19 Income before Exemption and Deductions Sheet1 Form ANIA ANIA NA NA

Answer 1

a	Salary	84000
b	Interest Income	8700
c	ST Capital Gain	8800
d = a+b+c	Income Before exemption & Deduction	101500
e	Personal Exemption	4000
f	Itemized Deduction	7500
g = d-e-f	Taxable Income before Dividend & LT gain	90000
	Tax Liability on base of bracket (37450)	5156.25
	Tax Liability on Excess over base	13137.5
	(90000-37450)*25%
g	Tax on taxable income before div & LT	18293.75
h	Dividend Income	13000
i	LT Gain ( 21500 - 5500)	16000
j = h+i	Total Dividend & LT capital gain	29000
k	Tax on Dividend & LT gain @15%	4350
l = g+k	Total Federal Tax Liability	22643.75