Homework Answers
Ans:
| Particulars | Amount($) |
| Salary | 75,100 |
| Interest | 5,200 |
| Dividend | 8,800 |
| Gross Salary | 89,100 |
| Deductions for AGI | |
| Capital Loss** ( for 2019) | (3,000) |
| Other deduction for AGI | (3,500) |
| Adjusted Gross Income | 82,600 |
| Deductions from AGI | |
| The greater of standard deduction or itemized deduction( | 14,600 |
| Personal Exemption | 0 |
| Taxable income | 68,000 |
Income Tax Liability=
tax on dividend= 15% of 8,800
= 1,320
Remaining Income= 68,000-8,800
= 59,200
Tax on remaining income= 4,543+ 22% (59,200- 39,476)
= 4,543+ 22% (19,724)
=4,543 + 4,339.28
= 8,882.28
Total Tax liability= 1,320+8,882.28
= $ 10,202.28
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