Justins modified adjusted gross income is $225,000. he
is single. his net investment income is $30,000. justins net
investment income tax is _________.
1) $0
2) $950
3) $1,140
4) $2,090
Justins modified adjusted gross income is $225,000. he is single. his net investment income is $30,000....
Logan modified adjusted gross income is $220000. He is single. His net investment income is $35000. What is his net investment income tax 1) 0 2) $760 3) $1330 4) $2090
Mark for follow up Question 48 of 75 Logan's modified adjusted gross income is $220,000. He is single. His net investment income is $35,000. What is his net investment income tax? O so O S760 o $1,330 O $2,090 □Mark for follow up Question 49 of 75 When calculating the net investment income tax, which of the following income items are NOT included in net investment income? Education Counci τax preparer Tax ered ar z2019 Mark for follow up Question...
Joe, age 65, files as single. He has adjusted gross income of $97,000 in 2019. Which of the following statements is true? He will not be taxed on interested from a U.S. series EE savings bond. If he does not itemize, his federal income tax bracket in 2019 will be 22%. His qualified dividend income will be taxed at a rate of 0%. He will not be able to take a federal income deduction for a contribution to a Coverdell...
22 Alain Mire files a single tax return and has adjusted gross income of $309,000. His net ilvestment income is $48,000. What is the additional tax that Alain will pay on his net investment income for the year? None of the choices are correct 24 Michelle is an active participant in the rental condominium property she owns. During the year, the property generates a (522,500) loss however, Michelle has sufficient tax basis and at risk amounts to absorb the loss...
Gary is a married individual with $400,000 of Adjusted Gross Income without including his share of income from the ABC trading partnership. His share of the partnership income is: $35,000 of interest income, $65,000 of dividend income and $100,000 of long-term capital gains. He and his wife have no other investment income. How much will his net investment income tax be?
which of the following statements is correct regarding modified adjusted gross income on a joint return? A- If MAGI includes $240,000 salary plus $20,000 net investment income, then $10,000 is subject to the 3.8% rte. B- if MAGI is $260,000 including salary plus $20,000 social security benefits, all the income is subject to the 3.8% rate. C- MAGI is the threshold amount above which all gross income is subject to the NII tax. D- The MAGI is subject to an...
Hongtao is single and has a gross income of $85,300. His allowable deductions for adjusted gross income are $4,300, and his itemized deductions are $19,450. The standard deduction for 2019 is $12,200. Round all amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. a. Hangtao's taxable income is $______ and his tax liability is $_______ for 2019. b. If Hongtao has $10,100 withheld from his salary during 2019 then Hongtao has (refund or...
Ronald Trunk is single and independently wealthy. In 2018, Ronald’s investment income is $110,000 (all interest) and his adjusted gross income is $380,000. He has no investment expenses associated with this income, no foreign earnings exclusion, and lives where there is no state income tax. Complete Form 8960 to calculate Ronald's 2018 net investment income tax. Enter all amounts as positive numbers.
In 2019, Richard, a single taxpayer, has adjusted gross income of $40,200. His AGI includes $4.000 of qualified dividends. Richard does not itemize deductions. What is his 2019 federal income tax? O A. $3,166 O B. $2,686 OC. $3,286 OD. None of the above. Click to select your answer. ^ f 3 6:59 PM
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019, his taxable income is $453,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank Enter zero if applicable.) A. His $453,000 of taxable income...