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Mike and Julie Bedard are a working couple. They will file a joint income tax return....

Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable​ income: 1. ​$126,000 from salary and wages​ (ordinary income). 2. ​$3,000 in interest income. 3. ​$3,000 in dividend income. 4. ​$5,000 in profit from sale of a stock they purchased 2 years ago. 5. ​$1,000 in profit from a stock they purchased this year and sold this year. Use the federal income tax rates given in Table​ 1.2, LOADING... ​, to work this problem.

a. How much will Mike and Julie pay in federal income taxes on 2​ above?

b. How much will Mike and Julie pay in federal income taxes on 3​ above? ​(Note​: Remember that dividend income is taxed differently than ordinary​ income.)

c. How much will Mike and Julie pay in federal income taxes on 4​ above?

d. How much will Mike and Julie pay in federal income taxes on 5​ above?

TABLE​ 1.2: Tax Rates and Income Brackets for Joint Returns​(2015)

Taxable Income

Tax Rates

Joint Returns

​10%

​$0 to​ $18,150

​15%

​$18,151 to​ $73,800

​25%

​$73,801 to​ $148,850

​28%

​$148,851 to​ $226,850

​33%

​$226,851 to​ $405,100

​35%

​$405,101 to​ $457,600

​39.6%

Over​ $457,600
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