Jen and Cassian earned $650,000 in salaries and $36,000 in interest income during the year. They had a $26,000 loss from a Schedule C and Rental income of $8,500. They had $53,000 in itemized deductions. Their employers withheld $169,000 of federal taxes from Their paychecks and they have no dependents. Use the 2021 tax rate schedules to determine Jen and Cassian’s taxes due or refund. Assume that in addition to the original facts, they have a long-term capital gain of $20,000 and qualified dividends of $40,000. What is their tax due or refund including the tax on their investment income?
Jen and Cassian earned $650,000 in salaries and $36,000 in interest income during the year. They had a $26,000 loss from a Schedule C and Rental income of $8,500. They had $53,000 in itemized deductions. Their employers withheld $169,000 of federal taxes from Their paychecks and they have no dependents. Use the 2021 tax rate schedules to determine Jen and Cassian’s taxes due or refund. Assume that in addition to the original facts, they have a long-term capital gain of $20,000 and qualified dividends of $40,000. What is their tax due or refund including the tax on their investment income?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jen and Cassian earned $650,000 in salaries and $36,000 in interest income during the year. They had a $26,000 loss from a Schedule C and Rental income of $8,500. They had $53,000 in itemized deductions. Their employers withheld $169,000 of federal taxes from Their paychecks and they have no dependents.
Use the 2021 tax rate schedules to determine Jen and Cassian’s taxes due or refund.
Assume that in addition to the original facts, they have a long-term
dividends of $40,000. What is their tax due or refund including the tax on their investment income?
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