Angelena files as a head of household. In 2018, she reported $54,100 of taxable income, including...
Angelena files as a head of household. In 2018, she reported $54,100 of taxable income, including a $15,400 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount? (Use the tax rate schedules.)
Homework Answers
Out of 54100 , 15400 is qualified dividend so remaining 38700 will be taxed at normal rate.
So tax on ordinary income = 1360 + (38700-13700)*12% = 4360
In qualified dividend is taxed at 0% if income upto 51700.
Hence excess (54100-51700) will be taxed at 15%
HeNCE tax on dividend = 2400*15% = 360
Hence total tax = 4360+360 = 4720
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