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Sara is filing as head of household and has 2021 taxable income of $59,000, which includes $3,000 of net long-term capital gain. The net long-term capital gain is made up of $1,000 25% gain and $2,000 0 % / 15 % / 20 % gain. What is the tax on her taxable income using the alternative tax method Note: Use the tax rate schedule rather than the tax table.

Sara is filing as head of household and has 2021 taxable income of $59,000, which includes $3,000 of net long-term capital gain. The net long-term capital gain is made up of $1,000 25% gain and $2,000 0 % / 15 % / 20 % gain. What is the tax on her taxable income using the alternative tax method Note: Use the tax rate schedule rather than the tax table.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Sara is filing as head of household and has 2021 taxable income of $59,000, which includes $3,000 of net long-term capital gain. The net long-term capital gain is made up of $1,000 25% gain and $2,000 0% / 15 % / 20 % gain. What is the tax on her taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. Oa. $7,066. Ob. $7.276. Oc. $7.136. Od. 50
Transcribed Image Text:Sara is filing as head of household and has 2021 taxable income of $59,000, which includes $3,000 of net long-term capital gain. The net long-term capital gain is made up of $1,000 25% gain and $2,000 0% / 15 % / 20 % gain. What is the tax on her taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. Oa. $7,066. Ob. $7.276. Oc. $7.136. Od. 50
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