please calculate the 2020 tax liability for a single taxpayer who is 40 years old with...

please calculate the 2020 tax liability for a single taxpayer who is 40 years old with $212,400 of wages, $20,000 of qualified dividends, $30,000 of LT capital gains and $50,000 of ST capital gains. Please make sure to consider all possible taxes in your calculation, please show all work/ calculations

Expert Solution

Calculation of tax liability for single tax payer for the year 2020

under the federal tax system the tax liability for single tax payer is calculated as follows :

Given qualified dividends and long term capital gain are calculated as per applicable rates.

ekkarill92 answered 2 years ago

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