The Dashwoods have calculated their taxable income to be $88,000 for 2019, which includes $2,000 of long-term capital gains. Using the appropriate tax rate schedule, calculate the Dashwoods' income tax liability assuming they are married and file a joint return.
What will be an ideal response?
$10,937, computed as follows: $9,086 + [22% × ($86,000 - 78,950) + ($2,000 × 0.15)].
You might also like to view...
If the average aggregate inventory value is $45,000 and the cost of goods sold is $10,000, which of the following is weeks of supply?
A. 23.4 B. 234 C. 120 D. 4.5 E. 45,000
In a process costing system, products flow in a LIFO manner, from department to department
Indicate whether the statement is true or false
The rate earned on total assets measures the profitability of total assets, without considering how the assets are financed
Indicate whether the statement is true or false
Newspapers targeted at various religious groups compose a large class of
A. gatefold papers. B. syndicated newspaper supplements. C. special-interest papers. D. national newspapers. E. consumer publications.