Business, 12.02.2020 00:03 FortniteB

Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxableincome:

1. $125,000 from salary and wages (ordinary income).
2. $1,000 in interest income.
3. $3,000 in dividend income.
4. $2,000 in profit from sale of a stock they purchased 2 years ago.
5. $2,000 in profit from a stock they purchased this year and sold this year.

Use the federal income tax rates given in Table below 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 ordinaryincome.)
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?

Tax Rates Joint Returns
10% $0- $17,400
15% $17,401- $70,700
25% $70,701- 142,700
28% $142,701- $217,450
33% $217,451- $388,350
35% Over $388,350

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 20:30

Abond is issued for less than its face value. which statement most likely would explain why? a. the bond's contract rate is higher than the market rate at the time of the issue. b. the bond's contract rate is the same as the market rate at the time of the issue. c. the bond's contract rate is lower than the market rate at the time of the issue. d. the bond isn't secured by specific assets of the corporation.

Answers: 1

Answer

Business, 21.06.2019 20:30

Elizabeth believes her company has discriminated against her because her minority coworkers, who are less qualified, have been promoted ahead of her. which agency should elizabeth contact? - national alliance of business- affirmative action council- equal employment opportunity commission- federal trade commission- fair employment practices agency

Answers: 2

Answer

Business, 22.06.2019 10:20

Blue spruce corp. has the following transactions during august of the current year. aug. 1 issues shares of common stock to investors in exchange for $10,170. 4 pays insurance in advance for 3 months, $1,720. 16 receives $710 from clients for services rendered. 27 pays the secretary $740 salary. indicate the basic analysis and the debit-credit analysis.

Answers: 1

Answer

Business, 22.06.2019 12:50

Performance bicycle company makes steel and titanium handle bars for bicycles. it requires approximately 1 hour of labor to make one handle bar of either type. during the most recent accounting period, barr company made 7,700 steel bars and 2,300 titanium bars. setup costs amounted to $35,000. one batch of each type of bar was run each month. if a single company-wide overhead rate based on direct labor hours is used to allocate overhead costs to the two products, the amount of setup cost assigned to the steel bars will be:

Answers: 2

Answer

You know the right answer?

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

Questions