Question

Capital Gains and Losses (LO. 5) Jennifer is single and has the following income and expenses: Salary Interest income $75,900 5,200 8,700 Dividend income Long-term capital gain 10,500 Short-term capital loss 14,900 3,300 Deductions for AGI Deductions from AGI 14,800 The standard deduction is $12,000 for single taxpayers. Dividends and net long-term capital gains are taxed at a rate of 15%. Refer to the Tax schedules table to answer the following question. Round intermediate calculations and final answers to the nearest dollar. Jennifer's taxable income is $ 68,700 V and her income tax liability is $

Answer 1

Angwer * Jennifer 98 sinde and have the following Encome and expense. Particulars Amount $ 75,900 Saloties Interest Income Divided Income Gross income 5800 8.900 $ $ 89800 Scanned with CamScanner

-3300 Dedirton for AGI Cool logo deduction Other for AGi deductions $-3300 - 6600 * Gross Income - $89800 -6600 $ 83200 * AGI $-14,800 * Deduction from AGI – 50 Boral Exemption = -13500 * AGI $ 82200 $018500 $ 68,700 Scanned with CamScanner

AS dividend Income as taxed at the 15% long term capital gains rate only $ 62,000 ($68700 - 8700) of Taxable income il taxcal at Ordinary Income rates & the $8,500 devided Income if taxed 15% review. please. please positive Thank you somuch. Scanned with CamScanner