Angelena files as a head of household. In 2019, she reported $54,250 of taxable income, including...
Angelena files as a head of household. In 2019, she reported $54,250 of taxable income, including a $12,400 qualified dividend. What is her gross tax liability, rounded to the nearest whole dollar amount? (Use the tax rate schedules, long-term capital gains tax brackets)
Homework Answers
Answer:
Yax Year = 2019
Filing status = Head of Household
Taxable income = $54,250
Ths includes qualified dividend = $12,400
Tax on ordinary income of (54250 - 12400 =) $41,850
= 13850*10% + (41850 - 13850) * 12%
= $4745
For Head of Household, long term capital gain tax rate for bracket $0 to $52,750 = 0%
Tax on qualified dividend = 12400 * 0% = $0
Her gross tax liability = 4745 + 0 = $4745
Her gross tax liability = $4,745
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