a.) | Calculation of taxable Income | Amount in $ | |
Salary | 139,000 | ||
Add: Interest income | 3,500 | ||
Add: Short Term Capital gain | 4,400 | (12,000 - 7,600 ) | |
Income before exemption & deductions | 146,900 | ||
Less: Personal Exemption | 4,000 | ||
Less: Itemized deductions | 7,500 | ||
Taxable Income before dividend & long term capital gain | 135,400 | ||
Taxes on Taxable Income before dividend & long term capital gain | |||
Tax liability on base of bracket | 18,481.25 | ||
Tax liability on excess over base | 12,502.00 | =(135400-90750)*28% | |
Tax on Taxable Income before dividend & long term capital gain | 30,983.25 | ||
Taxes on Dividend & long term capital gain | |||
Dividend Income | 14,000 | ||
Long term Capital gain | 14,600 | =21500-6900 | |
Total Dividend & LT Capital gain | 28,600 | ||
Tax on Dividend & long term capital gain | 4,290.00 | =28600*15% | |
Mary's Total Federal tax liability | $ 35,273.25 | =30983.25+4290 | |
b.) | Marginal Tax rate is 28.0% because every dollar increase in income upto $189,750 will attract 28% tax for Mary. |
c.) | Average tax rate | 21.51% | =35273.25/(135400+28600) |
help please Mary Jarvis is a single individual who is working on filing her tax return...
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...
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...
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 $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...
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: Video 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 $96,000 in salary. • She received $18,500 of dividend income. • She received $7,700 of interest income on Home Depot...
Need this ASAP 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 $102,000 in salary. • She received $17,500 of dividend income. • She received $7,400 of interest income on Home Depot bonds. • She received $24,500 from the sale of Disney stock that was purchased 2 years prior to the sale at a cost of $6,700. • 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 $124,000 in salary. • She received $19,000 of dividend income. • She received $4,900 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 $6,300. •...
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 $76,000 in salary. • She received $10,500 of dividend income. • She received $5,900 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 $5,300. . She received $12,500 from the sale...
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 $125,000 in salary. She received $12,500 of dividend income. She received $7,200 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 $15,000 from the sale of Google stock that was...
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...