Jamie is single. In 2019, she reported $101,000 of taxable income, including a long-term capital gain of $5100. What is her gross tax liability, rounded to the nearest whole dollar amount?
Regular income is 101,000 - 5,100 = 95,900. This will be taxed at ordinary tax rate which is 24% for her income slab.
Capital gains of 5,100 will be taxed at 15% which is the capital gains rate for her income slab.
Gross tax liability = (24%*95,900) + (15%*5,100) = 23,781
Jamie is single. In 2019, she reported $101,000 of taxable income, including a long-term capital gain...
Jamie is single. In 2020, she reported $90,525 of taxable income, including a long-term capital gain of $5,000. What is her gross tax liability, rounded up to the nearest whole dollar amount? (Use the Tax rate schedules.) Select one: O a. $15,356 O b. None of the other choices O c. $15,806 O d. $14,606
Angelena files as a head of household. In 2019, she reported $54,250 of taxable income, including a $12,400 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount? (Use the tax rate schedules, long-term capital gains tax brackets)
Angelena files as a head of household. In 2019, she reported $53,750 of taxable income, including a $10,900 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount?
Angelena files as a head of household. In 2018, she reported $54,100 of taxable income, including a $15,400 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount? (Use the tax rate schedules.)
Mr. Fox, a single taxpayer, recognized a $64,000 long-term capital gain, a $14,300 short-term capital gain, and a $12,900 long-term capital loss. Compute Mr. Fox’s income tax and Medicare contribution tax if his taxable income before consideration of his capital transactions is $421,000. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)
Mr. Fox, a single taxpayer, recognized a $64,000 long-term capital gain, a $14,300 short-term capital gain, and a $12,900 long-term capital loss. Compute Mr. Fox's income tax and Medicare contribution tax if his taxable income before consideration of his capital transactions is $441,000. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Tax on ordinary income Tax on income taxed at...
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2019, she sells the following long- term assets used in her business: Asset Building Equipment Sales Price $230,400 80,400 Cost $200,400 148,400 Accumulated Depreciation $52,400 23,400 Lily's taxable income before these transactions is $190,900. What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Amount...
Jillian, a single taxpayer, has a net long-term capital gain for the year and it is all made up of 25% long-term capital gain. She has positive taxable income for the year. Which of the following i not a positive tax rate that could be applied in taxing this gain as part of her taxable income? A) 0% B) 15% C) 20% D) 25% E) A. and C.
i need some explanation
TAXPAYERS WITH LARGE LONG-TERM CAPITAL GAIN AND/OR DIVIDEND INCOME WHO FALL INTO THE 37% BRACKET IN 2019 A single taxpayer with $575,000 of total taxable income in 2019 has $25,000 of ordinary income but $550,000 of long-term capital gain and qualified dividend income from a vast array of investments. The taxpayer's 2019 federal income tax liability is: 1. Tax on $25,000 ordinary income at single rates.................$2,806 2. Tax on $14,375 of LTCG/dividends at 0%........................... 0 3....
Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2019, she sells the following long-term assets used in her business Accumulated Depreciation $56,eee Sales Price Asset Cost $204,eee 152,e00 Building Equipment $234,8e0 84,eee 27,000 ok Lily's taxable income before these transactions is $194,500 What are Lily's taxable income and tax liability for the year? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) t...