Homework Answers
Total income = $20,000 + $15,000 + $10,000 = $45,000
Tax liability = $45,000 * 37% = $16,650
Note : Qualified and unqualified dividends are actually taxed at different rates (nonqualified dividends are taxed at ordinary income rates, while qualified dividends are taxed at capital gains rates) but in the question only 1 tax rate is given hence it is used.
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