Sara is filing as head of household and has 2018 taxable income of $57,000 which includes...
Sara is filing as head of household and has 2018 taxable income of $57,000 which includes $3,000 of net long-tem capital gain. The net long-term capital gain is made up of $1,000 25% gain and $2,000 0%/15%/20% gain. What is the tax on her taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table.
The answer is $6,948. Please show the steps to come up with this answer.
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Sara is filing as head of household and has 2018 taxable income
of $57,000 which includes...
25. Cason is filing as single and has 2019 taxable income of $36,000 which includes $34,000...
25. Cason is filing as single and has 2019 taxable income of $36,000 which includes $34,000 0%/ 15 % / 20% net long-term MID capital gain. What is his tax on taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. FA a. 50 b. $200 c. 5300 d. $4924 e. None of these.
Rosie is head of household, has $47,000 of taxable income in 2018 from non-capital gain or...
Rosie is head of household, has $47,000 of taxable income in 2018 from non-capital gain or loss sources, and has the following capital gains and losses: 28% long term capital gain : $4,300 28% long term capital loss : ($2,000) 0% 15% 20% long term capital gain 19,000 Short term capital loss : ($1,700) Ignore standard deductions and exceptions. What is Rosie's taxable income and the tax on that taxable income?
Please show calculations/work Marcello is filing as single and has 2018 taxable income of $730,000 which...
Please show calculations/work Marcello is filing as single and has 2018 taxable income of $730,000 which includes $30,000 of 0%/15%/20% net long-term capital gain. What is his tax on long term capital gain using the alternative tax method?
Jane and Blair are married taxpayers filing jointly and have 2019 taxable income of $107,000. The...
Jane and Blair are married taxpayers filing jointly and have 2019 taxable income of $107,000. The taxable income includes $5,000 of gain from a capital asset held five years, $2,100 of gain from a capital asset held seven months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of $3,000. What is the couple’s tax on taxable income and...
Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $...
Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 -...
Jane and Blair are married taxpayers filing jointly and have 2019 taxable income of $107,000. The...
Jane and Blair are married taxpayers filing jointly and have 2019 taxable income of $107,000. The taxable income includes $5,000 of gain from a capital asset held five years, $2,100 of gain from a capital asset held seven months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of $3,000. Indicate whether the following items are subject to the...
In 2019, Ryan files as head of household and has taxable income of $122,500. None of...
In 2019, Ryan files as head of household and has taxable income of $122,500. None of his taxable income consists of capital gains or qualified dividends. Using the tax rate schedule, his tax liability totals $ (rounded to the nearest dollar).
Paul is a head of household with a taxable income sehold with a taxable income of...
Paul is a head of household with a taxable income sehold with a taxable income of $110,000. He is entitled to a $8000 tax credit. Compute his tax owed using the table below. The tax owed is $ . (Type an integer or a de Head of Tax Rate Single Household 10% up to $8,925 up to $12,750 15% up to $36,250 up to $48,600 25% up to $87,850 up to $125,450 28% up to $183,250 up to $203,150 33%...
2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The...
2019 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income
$ 9,700
$ 39,475
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
25. Cason is filing as single and has 2019 taxable income of $36,000 which includes $34,000 0%/ 15 % / 20% net long-term MID capital gain. What is his tax on taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. FA a. 50 b. $200 c. 5300 d. $4924 e. None of these.
Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 -...
In 2019, Ryan files as head of household and has taxable income of $122,500. None of his taxable income consists of capital gains or qualified dividends. Using the tax rate schedule, his tax liability totals $ (rounded to the nearest dollar).
Paul is a head of household with a taxable income sehold with a taxable income of $110,000. He is entitled to a $8000 tax credit. Compute his tax owed using the table below. The tax owed is $ . (Type an integer or a de Head of Tax Rate Single Household 10% up to $8,925 up to $12,750 15% up to $36,250 up to $48,600 25% up to $87,850 up to $125,450 28% up to $183,250 up to $203,150 33%...
2019 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is
over:
But not over:
The tax is:
$ 0
$ 9,700
10% of taxable income
$ 9,700
$ 39,475
$970 plus 12% of the excess over $9,700
$ 39,475
$ 84,200
$4,543 plus 22% of the excess over $39,475
$ 84,200
$160,725
$14,382.50 plus 24% of the excess over $84,200
$160,725
$204,100
$32,748.50 plus 32% of the excess over $160,725
$204,100
$510,300
$46,628.50 plus 35% of...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
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