John is filing taxes individually, his salary is $102,000, he also received $5,000 on interest from its bank accounts, $750 on dividends from Abbot stocks, he received $10,000 from selling stocks from Tesla that were purchased 8 month ago for $7,500, and he received $16,000 on dividends and finally he sold stocks from Amazon for $17,000 and he bought them 2 years ago for $8,000. Standard deduction $12,000 Calculate a. Taxable income coming from short term b. Taxable income coming from long term & dividends c. Total Federal Tax owned
John is filing taxes individually, his salary is $102,000, he also received $5,000 on interest from its bank accounts, $750 on dividends from Abbot stocks, he received $10,000 from selling stocks from Tesla that were purchased 8 month ago for $7,500, and he received $16,000 on dividends and finally he sold stocks from Amazon for $17,000 and he bought them 2 years ago for $8,000. Standard deduction $12,000 Calculate a. Taxable income coming from short term b. Taxable income coming from long term & dividends c. Total Federal Tax owned
Chapter18: Corporations: Organization And Capital Structure
Section: Chapter Questions
Problem 42P
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Transcribed Image Text:John is filing taxes individually, his salary is $102,000, he also received $5,000 on interest from its bank accounts, $750 on dividends from Abbot stocks, he received $10,000 from selling
stocks from Tesla that were purchased 8 month ago for $7,500, and he received $16,000 on dividends and finally he sold stocks from Amazon for $17,000 and he bought them 2 years ago
for $8,000. Standard deduction $12,000
Calculate
a. Taxable income coming from short term
b. Taxable income coming from long term & dividends
c. Total Federal Tax owned
d. Marginal Tax rate
e. Average Tax rate
Tax rate
Taxable income
Tax owed
10%
$0 to $9,525
10% taxable income
12%
$9,526 to $38,700
$952.50 plus 12% the amount over $9525
22%
$38,701 to $82,500
$4453.30 plus 22% of the amount over $38700
24%
$82,501 to $157,500
$14089.50 plus 24% of the amount over $82500
32%
$157,501 to $200,000
$32089.5 plus 32% of the amount over $157500
35%
$200,001 to $500,000
$45689.5 plus 35% of the amount over $200000
$150689.50 plus 37% of the amount
37%
$500,001 or more
over$500000
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