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Required information (The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2020Alice is single and self-employed in 2020. Her net business profit on her Schedule C for the year is $150,000. What is her seKyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2020. During that time, he ear

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Answer #1

THERE ARE THREE SEPERATE QUESTIONS , HENCE ONLY THE FIRST HAS BEEN ANSWERED

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Qualified Dividend will be charged with rate applilcable to Capital Gains i.e. 20% whereas balance will be charged at normal rates, but if the Ordinary Income is less than $ 38600 no tax is levied.

Hence in this case tax will be levied on Qualified Di=vidend portion.

The tax liability will be - (Standard ddeuction is 12400)

43200 - 2200 - 12400 = 30800

The tax as per Tx table comes to = 3238

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