In: Accounting
Required information
Problem 8-50 (LO 8-1)
Lacy is a single taxpayer. In 2019, her taxable income is $42,500.
What is her tax liability in each of the following alternative
situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax
Rates, Estates and Trusts for reference. (Do not round
intermediate calculations. Round your answer to 2 decimal
places.)
Problem 8-50 Part-a
a. All of her income is salary from her employer.
tax liability |
b. Her $42,500 of taxable income includes $6,000 of qualified dividends.
tax liability |
c. Her $42,500 of taxable income includes $7,100 of qualified dividends.
Tax liability |