Homework Answers
Option e
Taxable Income = Salary- Exemption-Standard deduction
= 170600-4000-6300
= 160300
She falls in the 4th slab.
Total tax = 18481.25+28%*(160300-90750)
= 37955.25
Average tax rate = 37955.25/160300 = 23.68%
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Mary Jarvis is a
single individual who is working on filing her tax return for the
previous year. She has assembled the following relevant
information:
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salary.
She received $12,000 of
dividend income.
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She received $22,000 from the
sale of Disney stock that was purchased 2 years prior to the sale
at a cost of $6,500.
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