Solve the problem. Refer to the table if necessary.
Abbey earned $67,862 in wages. Kathryn earned $67,862, all in dividends and long-term capital gains. Calculate the total tax owed by each, including both FICA and income taxes. Assume they are both single and take the standard deduction. Note that long-term capital gains and dividends are taxed at 0% for income in the 10% and 15% tax brackets and at 15% for income in all higher tax brackets except the highest 39.6% bracket. If necessary, round values to the nearest dollar.
A. Abbey: $15,569
Kathryn: $4878
B. Abbey: $14,531
Kathryn: $8153
C. Abbey: $10,104
Kathryn: $2927
D. Abbey: $15,296
Kathryn: $2927
Answer: D
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