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4. Sally is a single and has the following situation for the year: Sally's income of $120,000; dividend income of $2,000; interest income of $3,000; short-term capital gain of $7800 and long term capital gain of 10,000. S aid $8,800 on interest charges on her credit card. Her other total exemptions and itemized deductions is 18,000; these amounts will be deducted from her gross income to determine her taxable income. If she is files as ndividual, what is Sally's tax liability for the year, i.e. how much in taxes she will pay for the year? Use the individual tax rate provided below. ingle Individual Tax table ax on Base axable Income Up to $6,000 -6,000-$27,950 27,950-$67,700 67,700-S141,250 141,250-$307,050 Over $307,050 . $31,755 ■. 30,255 28,755 1. 27,615 None of the above Percentage on of Bracket $0.00 600.00 3,892.50 14,625.00 36,690.00 94,720.00 Excess above Base 10.0% 15.0 27.0 30.0 35.0 38.6

4. Sally is a single and has the following situation for the year: Sally's income of $120,000; dividend income of $2,000; interest income of $3,000; short-term capital gain of $7800 and long term capital gain of 10,000. S aid $8,800 on interest charges on her credit card. Her other total exemptions and itemized deductions is 18,000; these amounts will be deducted from her gross income to determine her taxable income. If she is files as ndividual, what is Sally's tax liability for the year, i.e. how much in taxes she will pay for the year? Use the individual tax rate provided below. ingle Individual Tax table ax on Base axable Income Up to $6,000 -6,000-$27,950 27,950-$67,700 67,700-S141,250 141,250-$307,050 Over $307,050 . $31,755 ■. 30,255 28,755 1. 27,615 None of the above Percentage on of Bracket $0.00 600.00 3,892.50 14,625.00 36,690.00 94,720.00 Excess above Base 10.0% 15.0 27.0 30.0 35.0 38.6

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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14. Sally is a single and has the following situation for the year: Sally's income of $120,000; dividend income of $2,000; interest income of $3,000; short-term capital gain of $7800 and long term capital gain of 10,000. She also paid $8,800 on interest charges on her credit card. Her other total exemptions and itemized deductions is 18,000; these amounts will be deducted from her gross income to determine her taxable income. If she is files as a single individual, what is Sally's tax liability for the year, i.e. how much in taxes she will pay for the year? Use the individual tax rate provided below. Single Individual Tax table Tax on Base Taxable Income Up to $6,000 $6,000-$27.950 $27,950-S67,700 $67,700-S141,250 $141,250-$307,050 Over $307,050 a. $31,755 b. 30,255 c. 28,755 d. 27,615 e. None of the above Percentage on of Bracket $0.00 600.00 3,892.50 14.625.00 36,690.00 94,720.00 Excess above Base 10.0% 15.0 27.0 30.0 35.0 38.6
Transcribed Image Text:14. Sally is a single and has the following situation for the year: Sally's income of $120,000; dividend income of $2,000; interest income of $3,000; short-term capital gain of $7800 and long term capital gain of 10,000. She also paid $8,800 on interest charges on her credit card. Her other total exemptions and itemized deductions is 18,000; these amounts will be deducted from her gross income to determine her taxable income. If she is files as a single individual, what is Sally's tax liability for the year, i.e. how much in taxes she will pay for the year? Use the individual tax rate provided below. Single Individual Tax table Tax on Base Taxable Income Up to $6,000 $6,000-$27.950 $27,950-S67,700 $67,700-S141,250 $141,250-$307,050 Over $307,050 a. $31,755 b. 30,255 c. 28,755 d. 27,615 e. None of the above Percentage on of Bracket $0.00 600.00 3,892.50 14.625.00 36,690.00 94,720.00 Excess above Base 10.0% 15.0 27.0 30.0 35.0 38.6
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