Question

Lacy is a single taxpayer. In 2018, her taxable income is $47,600. What is her tax...

Lacy is a single taxpayer. In 2018, her taxable income is $47,600. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference.(Do not round intermediate calculations. Round your answer to 2 decimal places.)

b. Her $47,600 of taxable income includes $3,600 of qualified dividends.

c. Her $47,600 of taxable income includes $19,900 of qualified dividends

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Solution:

b. When her taxable income includes $3,600 of qualified dividends:

Description Amount

Calculation &

Explanation
1.Taxable income $47,600
2.Qualified dividend 3,600
3.Ordinary taxed income $44,000 (1)-(2)
4. Tax on ordinary income $5,619.5 $4,453.5 + (44000-38700)*22%
5. Tax on qualified dividend $540 $3,600*15%
Tax Liability $6,159.5 (4)+(5)

c. If her taxable income includes $19,900 of qualified dividends:

description Amount

Calculation &

Explanation
1.Taxable income $47,600
2.Qualified dividend 19,900
3.Ordinary taxed income $27,700 (1)-(2)
4. Tax on ordinary income $3,133.5 $952.5 + (27,700-9,525)*12%
5. Tax on qualified dividend $1,350 (47,600-38600)*15% + (19,900-9000)*0%
Tax Liability $4,483.5 (4)+(5)

Tax rate schedule for 2018:

0 0
Know the answer?
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
Similar Questions
Lacy is a single taxpayer. In 2019,her taxable income is $41,400. What is her tax liability...
Lacy is a single taxpayer. In 2019,her taxable income is $41,400. What is her tax liability in each of the following alternative situations. B. Her $41,400 of taxable income includes $4,200 of qualified dividends
Henrich is a single taxpayer. In 2018, his taxable income is $453,500. What is his income...
Henrich is a single taxpayer. In 2018, his taxable income is $453,500. 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 answer to 2 decimal places. Leave no answer blank. Enter zero if applicable.) c. His $453,500 of taxable income includes $46,000 of long-term capital gain that is taxed...
Henrich is a single taxpayer. In 2019, his taxable income is $462,500. What is his income...
Henrich is a single taxpayer. In 2019, his taxable income is $462,500. 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.) c. His $462500 of taxable income includes $64000 of long-term capital gain that is taxed...
Henrich is a single taxpayer. In 2019, his taxable income is $457,500. What is his income...
Henrich is a single taxpayer. In 2019, his taxable income is $457,500. 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.) rev: 02_29_2020_QC_CS-202942 c. His $457,500 of taxable income includes $54,000 of long-term capital gain that...
Henrich is a single taxpayer. In 2019, his taxable income is $458,000. What is his income...
Henrich is a single taxpayer. In 2019, his taxable income is $458,000. 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.) d. Henrich has $199,000 of taxable income, which includes $51,600 of long-term capital gain that...
1. Lacy is a single taxpayer. In 2017, her taxable income is $47,200. What is her...
1. Lacy is a single taxpayer. In 2017, her taxable income is $47,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a. All of her income is salary from her employer. Tax liability: ____?____ 2. In 2017, Carson is claimed as a dependent on his parent's tax return. His parents' ordinary income marginal tax rate is 28 percent....
In 2018, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not...
In 2018, Sheryl is claimed as a dependent on her parents' tax return. Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. a. She received $6,200 from a part-time job. This was her only source of income. She is 16 years old at year-end. What is her tax liability?...
n 2018, Carson is claimed as a dependent on his parent's tax return. Carson's parents provided...
n 2018, Carson is claimed as a dependent on his parent's tax return. Carson's parents provided most of his support. Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Round your final answer to the nearest whole dollar amount.) Question: Carson is 23 years old at year-end. He is a full-time student and earned $14,825 from his summer internship and part-time job. He also received $6,110 of qualified dividend income. What is Carson's Tax...
Whitney received $75,000 of taxable income in 2020. All of the income was salary from her...
Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. (Do not round intermediate calculations.) a. She files under the single filing status. b. She files a joint tax return with her spouse. Together their taxable income is $75,000. c. She is married but files a separate tax return. Her taxable income is $75,000....
Henrich is a single taxpayer. In 2019, his taxable income is $454,500. What is his income...
Henrich is a single taxpayer. In 2019, his taxable income is $454,500. What is his income tax and net investment income tax liability in each of the following alternative scenarios? His $454,500 of taxable income includes $48,000 of long-term capital gain that is taxed at preferential rates. Note: some of his preferentially taxed income will be in the 15% bracket and some in the 20% bracket. What is the Income tax? What is the Net investment income tax? What is...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT