Adriana is a MFJ taxpayer, and in 2021, she reported $ 365,000 of taxable income, including a long-term capitai gain of $ 6, 000. What is har goss tax labinty dollar amount (use the tax rate schedules)? $101,094 $100,087 $77,434 $99,094 $97,295

Adriana is a MFJ taxpayer, and in 2021, she reported $ 365,000 of taxable income, including a long-term capitai gain of $ 6, 000. What is har goss tax labinty dollar amount (use the tax rate schedules)? $101,094 $100,087 $77,434 $99,094 $97,295

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 9MCQ: In 2019, Tim, a single taxpayer, has ordinary income of $29,000. In addition, he has $2,000 in...

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

$101,094

$100,087

$77,434

$99,094

$97,295

Adriana is a MFJ taxpayer, and in 2021, she reported $365,000 of taxable income, including a long-term capital gain of $6.000. What is her gross tax liability.
dollar amount (use the tax rate schedules)?
$101,094
$100,087
$77,434
$99,094
$97,295

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