a.Computation of federal income tax for 2014:
Marys salary | 124,000 | Tax on dividend and capital gains at 15% |
Dividend income | 19,000 | at 15% | 2850 |
Interest income | 4,900 | ||
Income from sale disney stock(21000-6300) | 14,700 | at 15% | 2205 |
Sale of google stock(9000-5300) | 3,700 | ||
Adjusted gross income | 166,300 | ||
Less: | |||
Itemized deductions | (7500) | ||
Personal Exemption | (4000) |
Taxable income | 154,800 | ||
Tax | |||
Federal tax liability on ordinary income(154800-19000-14700) | 121,100 | ||
(121100-90750)*28%+5156 | 13,654 | ||
Add: Tax on dividend and capital gains | 5,055 | ||
Total federal tax liability | 18,709 | ||
Average tax rate | Tax/Taxable icome | $ 18,709/154,800 | 8% |
Marginal tax rate | 28% |
Mary is currently in the 28% tax rate bracket.Her marginal tax rate on increases in income will be taxed at 28%
Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on...
Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $94,000 in salary. • She received $17,000 of dividend Income. • She received $4,800 of interest income on Home Depot bonds. • She received $21,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,200. •...
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $70,000 in salary. She received $12,000 of dividend income. She received $8,300 of interest income on Home Depot bonds. She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,500. She received $11,500 from the sale of Google stock that was...
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $94,000 in salary. She received $15,000 of dividend income. She received $6,200 of interest income on Home Depot bonds. She received $23,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,100. She received $11,500 from the sale of Google stock that was...
Excel Online Structured Activity: Personal taxes Mary Jarvis iš a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: . She received $73,000 in salary. .She received $16,500 of dividend income. .She received $4,400 of interest income on Home Depot bonds. .She received $23,000 from the sale of Disney stock that was purchased 2 years prior the sale at a cost of $5,300. .She received $14,000 from the...
PLEASEEEEEE someone help!! I have posted four times now. Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: She received $70,000 in salary. She received $12,000 of dividend income. She received $8,300 of interest income on Home Depot bonds. She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,500. She received...
Excel Online Structured Activity: Personal taxes Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $126,000 in salary. • She received $14,500 of dividend income. • She received $6,300 of interest income on Home Depot bonds. • She received $21,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,600. •...
use the table to assume the tax rates Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $139,000 in salary. • She received $15,000 of dividend income. • She received $5,500 of interest income on Home Depot bonds. • She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of...
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $139,000 in salary • She received $15,000 of dividend income. • She received $5,500 of interest income on Home Depot bonds. . She received $22,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,200. • She received $12,000 from the sale...
help please Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information • She received $139,000 in salary. • She received $14,000 of dividend income. • She received $3,500 of interest income on Home Depot bonds • She received $21,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,900. • She received $12,000 from...
Mary Jarvis is a single individual who is working on filing her tax return for the previous year. She has assembled the following relevant information: • She received $106,000 in salary • She received $15,000 of dividend income. • She received $6,200 of interest income on Home Depot bonds. . She received $25,000 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $5,500. • She received $9,500 from the sale...