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1 Data Table TABLE 1.2: Tax Rates and Income Brackets for Joint Returns (2015) Taxable Income Joint Returns $0 to $18,150 $18,151 to $73,800 $73,801 to $148,850 $148,851 to $226,850 $226,851 to $405,100 $405,101 to $457,600 Over $457,600 Tax Rates 10% 15% 22% 35% 35% 39.6% (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.)Mike and Julie Bedard are a working couple. They will fle a joint income tax return. This year they have the following taxable income 1. $128,000 from salary and wages (ordinary income). 2. $1,000 in interest income. 3. $4,000 in dividend income 4. $3,000 in profit from sale of a stock they purchased 2 years ago 5. $5,000 in profit from a stock they purchased this year and sold this year. Use the federal income tax rates given in Table 1.2, EEB,to work this problem. a. How much will Mike and Julie pay in federal income taxes on 2 above? b. How much will Mike and Julie pay in federal income taxes on 3 above? (Note: Remember that dividend income is taxed differently than ordinary income.) c. How much will Mike and Julie pay in federal income taxes on 4 above? d. How much will Mike and Julie pay in federal income taxes on 5 above? a. The amount Mike and Julie will pay in federal income taxes on 2, their interest income, is $ 」(Round to the nearest dollar.

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Answer #1

the taxable income of Mike and Julie are:

  • 128,000+ 1000+4000+3000+5000= $141,000

the tax on interest income is=

the total income through interest is = $1,000

tax rate is 10%

hence, the tax on this interest is $100 (i.e. 1000*0.10)

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