ZuoTi.Pro
Question

a married couple files jointly and have interest income of 10000 and magi of 255000 how...

a married couple files jointly and have interest income of 10000 and magi of 255000 how much tax is on net investment income do they owe

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer:

The threshold value for applicability of net investment income tax for filing status of 'Married filing jointly' is $250,000.

Hence MAGI exceeds the threshold by = $255,000 - $250,000 = $5,000

Net investment income = Interest income = $10,000

Tax on Net investment income is 3.8% on lesser of Net investment income or the amount by which MAGI exceeds the threshold

Hence

Tax on net investment income they owe = $5,000 * 3.8% = $190

Tax on net investment income they owe = $190

0 0
Add a comment
Know the answer?
Add Answer to:
a married couple files jointly and have interest income of 10000 and magi of 255000 how...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Scot and Vidia, married taxpayers, earn $288,000 in taxable income and $12,200 in interest from an...

    Scot and Vidia, married taxpayers, earn $288,000 in taxable income and $12,200 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round intermediate calculations. Round "Average tax rate" & "Effective tax rate" to 2 decimal places) Scot and Vidia, married taxpayers,...

  • Jorge and Anita, married taxpayers, earn $160,000 in taxable income and $40,000 in interest from an...

    Jorge and Anita, married taxpayers, earn $160,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe?

  • 5. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from...

    5. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.) 6. Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in...

  • A married couple with 3 children is filing taxes jointly. They have a gross income of...

    A married couple with 3 children is filing taxes jointly. They have a gross income of $348,198, and they made the following tax-deductible purchases: . Charitable contributions: $7,857 • Medical expenses: $2,392 . Mortgage interest: $4,020 Compute their final income tax using the following information: Married Individuals Filing Joint Returns and Surviving Spouses Taxable Income Is Between! The Tax Due is: 0 - $19.750 10% of taxable income $19,751 - $80,250 $1.975 +12% of the amount over $19.750 $80,251 -...

  • Jorge and Anita, married taxpayers, earn $90,000 in taxable income and $75,000 in interest from an...

    Jorge and Anita, married taxpayers, earn $90,000 in taxable income and $75,000 in interest from an investment in the City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate?

  • Amira and Amir file as Married Filing Jointly and have 8 children who qualify for the...

    Amira and Amir file as Married Filing Jointly and have 8 children who qualify for the child tax credit. Their MAGI is $210,000 and their tax liability is $12,500. Calculate their initial child tax credit and the amount of refund the couple will receive for 2019

  • Scot and Vidia, married taxpayers, earn $248,000 in taxable income and $6,200 in interest from an...

    Scot and Vidia, married taxpayers, earn $248,000 in taxable income and $6,200 in interest from an investment in City of Tampa bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Do not round intermediate calculations. Round "Average tax rate" & "Effective tax rate" to 2 decimal places)

  • Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an...

    Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.) Federal tax Average tax rate Effective tax rate Marginal tax rate Scot and Vidia, married...

  • Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an...

    Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.)

  • Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an...

    Jorge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? (Round your answers to 2 decimal places.)

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT