Mike and Julie Bedard are a working couple. They will file a joint income tax return....

Question

Question

Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxab

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Tax Year - 2019
Married Filing Jointly
22% on taxable income over $78,951 to $168,400

		Amount	Tax Rate	Federal Income tax
a	Interest	$ 3,000	24%	$ 720
b	Dividend	$ 5,000	15%	$ 750
c	Long Term Capital Gain	$ 1,000	15%	$ 150
d	Short Term Capital Gain	$ 5,000	24%	$ 1,200

Add a comment

Answer 2

Similar Homework Help Questions

Mike and Julie Bedard are a working couple. They will file a joint income tax return....

Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income: 1. $121,000 from salary and wages (ordinary income).2. $4,000 in interest income.3. $1,000 in dividend income.4. $4,000 in profit from sale of a stock they purchased two 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, LOADING... , to work...
Mike and Julie Bedard are a working couple. They will file a joint income tax return....

Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income: 1. 5121,000 from salary and wages (ordinary income). 2. S3,000 in interest income 3. $1,000 in dividend income 4. 55,000 in profit from sale of a stock they purchased 2 years ago 5. 51,000 in profit from a stock they purchased this year and sold this year Use the federal income tax rates given in Table...
P1.4 (similar to) Data Table Mike and Julie Bedard are a working couple. They will fle...

P1.4 (similar to) Data Table 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. $122,000 from salary and wages (ordinary Income) 2. $4,000 in interest income 3. S5,000 in dividend income. 4. 54,000 in profit from sale of a stock they purchased 2 years ago. 5. 52,000 in profit from a stock they purchased this year and sold this year. TABLE 12: Tax Rates...

1 Data Table TABLE 1.2: Tax Rates and Income Brackets for Joint Returns (2015) Taxable Income...

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% 3"5% 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...
Susan and Stan Britton are a married couple who file a joint income tax return, where...

Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $280,000. Round your answers to two decimal places. What is their federal tax liability? $ What is their marginal tax rate? % What is their average tax rate? %
Susan and Stan Britton are a married couple who file a joint income tax return, where...

Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $435,000. Do not round intermediate calculation. What is their federal tax liability? Round your answer to the nearest dollar. $ What is their marginal tax rate? Round your answer to the nearest whole number. % What is their average tax rate? Round your answer to two...

Alan and Sara Winthrop are a married couple who file a joint income tax return. They...

Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, so they claim a total of 4 exemptions ($4,050 for each exemption). In addition, they have legitimate itemized deductions totaling $25,750. Their total income from wages is $213,500. Assume the following tax table is applicable: Married couples Filing Joint Returns Average Tax Rate at Top of Bracket 10.0% 13.8 You Pay This Plus This Percentage on If Your Taxable Amount on...
Kevin and Laura are married and file a joint tax return. Together, their taxable income is...

Kevin and Laura are married and file a joint tax return. Together, their taxable income is $101,000. How much will they pay in taxes? (Round answers to O decimal place, e.g. 5275.) The amount of taxes they will pay is $
15. Ben is married and in 2019 will file a joint federal income tax return with...

15. Ben is married and in 2019 will file a joint federal income tax return with his wife, Gerri. They have twin sons, age 18, who qualify as their dependents, and no other children. Their taxable income in 2019 is $425.000, all of which is ordinary income. Using the federal tax rate schedules for 2019. Ben and Gerri's gross federal income tax liability for 2019 (before any additional taxes or tax credits) will be: A. $96,197 B. $99,137 C. $100,129...

Susan and Stan Britton are a married couple who file a joint income tax return, where...

Susan and Stan Britton are a married couple who file a joint income tax return, where the tax rates are based on the tax table 3.5. Assume that their taxable income this year was $364,000. Do not round intermediate calculation. What is their federal tax liability? Round your answer to the nearest dollar. $ What is their marginal tax rate? Round your answer to the nearest whole number. % What is their average tax rate? Round your answer to two...

Mike and Julie Bedard are a working couple. They will file a joint income tax return....

Homework Answers