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 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
$nothing.
(Round to the nearest dollar.)
b.
c
d
Taxable Income
Tax Rates Joint Returns
10% $0 to $19,750
$0 to $19,750
12% $19,751 to $80,250
22% $80,251 to $171,050
24% $171,051 to $326,600
32% $326,601 to $414,700
35% $414,701 to $622,050
37% Over $622,050
Homework Answers
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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....
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. $119,000 from salary and wages (ordinary income). 2. $3,000 in interest income. 3. $5,000 in dividend income. 4. $1,000 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...
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...
"Julian and Georgia file a joint return. They have adjusted gross income of $112,000 and itemized...
"Julian and Georgia file a joint return. They have adjusted
gross income of $112,000 and itemized deductions of $25,000. Are
they required to use the Tax Rate Schedules or the Tax Tables in
computing their income tax?"
2020 Tax Rates and Amounts Tax Rate Schedules for 2020 + % on Excess 10% 12 Schedule X: Single Individuals Taxable income Over But Not Over $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 Pay $0.00 987.50 4,617.50...
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income But not is over: Over: The...
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income But not is over: Over: The tax is: $ 0 $ 19,750 $ 80.250 $171,050 $ 19,750 10% of taxable income $ 80,250 $1,975 plus 12% of the excess over $19,750 $171,050 $9,235 plus 22% of the excess over $80,250 $326,600 $29,211 plus 24% of the excess over $171,050 $414,700 $66,543 plus 32% of the excess over $326,600 $622,050 $94,735 plus 35% of the excess over $414.700 $167,307.50 plus 37%...
A married couple with 3 children is filing taxes jointly. They have a gross income of...
A married couple with 3 children is filing taxes jointly. They have a gross income of $348,198, and they made the following tax-deductible purchases: . Charitable contributions: $7,857 • Medical expenses: $2,392 . Mortgage interest: $4,020 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses Taxable Income Is Between! The Tax Due is: 0 - $19.750 10% of taxable income $19,751 - $80,250 $1.975 +12% of the amount over $19.750 $80,251 -...
Scot and Vidia, married taxpayers, earn $254,400 in taxable income and $5,000 in interest from an...
Scot and Vidia, married taxpayers, earn $254,400 in taxable income and $5,000 in interest from an investment in City of Tampa bonds. (Use the U.S. tax rate schedule for married filing jointly). Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the...
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The...
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050...
2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax...
2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: $ 0 $ 9.875 10% of taxable income $ 9.875 $ 40,125 $987 50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4,617 50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605 50 plus 24% of the excess over $85 525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367 50 plus 35%...
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. $119,000 from salary and wages (ordinary income). 2. $3,000 in interest income. 3. $5,000 in dividend income. 4. $1,000 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...
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 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 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...
"Julian and Georgia file a joint return. They have adjusted
gross income of $112,000 and itemized deductions of $25,000. Are
they required to use the Tax Rate Schedules or the Tax Tables in
computing their income tax?"
2020 Tax Rates and Amounts Tax Rate Schedules for 2020 + % on Excess 10% 12 Schedule X: Single Individuals Taxable income Over But Not Over $0 $9,875 9,875 40,125 40,125 85,525 85,525 163,300 163,300 207,350 207,350 518,400 518,400 Pay $0.00 987.50 4,617.50...
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income But not is over: Over: The tax is: $ 0 $ 19,750 $ 80.250 $171,050 $ 19,750 10% of taxable income $ 80,250 $1,975 plus 12% of the excess over $19,750 $171,050 $9,235 plus 22% of the excess over $80,250 $326,600 $29,211 plus 24% of the excess over $171,050 $414,700 $66,543 plus 32% of the excess over $326,600 $622,050 $94,735 plus 35% of the excess over $414.700 $167,307.50 plus 37%...
A married couple with 3 children is filing taxes jointly. They have a gross income of $348,198, and they made the following tax-deductible purchases: . Charitable contributions: $7,857 • Medical expenses: $2,392 . Mortgage interest: $4,020 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses Taxable Income Is Between! The Tax Due is: 0 - $19.750 10% of taxable income $19,751 - $80,250 $1.975 +12% of the amount over $19.750 $80,251 -...
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050...
2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: The tax is: $ 0 $ 9.875 10% of taxable income $ 9.875 $ 40,125 $987 50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4,617 50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605 50 plus 24% of the excess over $85 525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367 50 plus 35%...
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