Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2. preferential rates income: determine the taxpay

2. Preferential Rates Income: Determine the taxpayer’s income tax liability for 2020 for each of the...

70.2K

Verified Solution

Question

Accounting

2. Preferential Rates Income: Determine the taxpayer’s incometax liability for 2020 for each of the scenarios.

a. Henrich is married to Sally and their taxable income is$81,000. Included in their taxable income is $1,500 of long-termcapital gains.

b. Henrich is married to Sally and their taxable income is$81,000. Included in their taxable income is $10,000 of long-termcapital gains.

c. Henrich is single but provides all of the support for his 10year-old son. His taxable income is $512,000, which includes$16,000 of qualified dividends

Explain/Show your Work

Answer & Explanation Solved by verified expert
3.7 Ratings (381 Votes)
Federal Income Tax Bracket for 2020 filing deadlineApril 15 2021Longterm capital gains tax rates for the 2020 tax yearFILING STATUS0 RATE15 RATE20 RATESingleUp to 4000040001 441450Over 441450Married filing jointlyUp to    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

What government agency is responsible for regulating bottled water O Department of the Interior O...

Biology
1.2K views

DNA polymerase III can only extend the new strand from the 5 to the 3...

Physics
1.2K views

A dipole with a dipole moment of magnitude p is in stable equilibrium in an...

Basic Math
1.2K views

Find each percent increase. Round to the nearest percent1. From 24 teachers to 30 teachers2....

Basic Math
1.2K views

Graph the function, f(x)=1/4 |2x| - 1Use the Ray tool to graph the function as...

Calculus
1.2K views

Find the total area of the region between the curve and the x-axis.y=1/?x; 1?x? 4

Algebra
1.2K views

The population in a certain city was 58,000 in 2000, and its future size is...

Accounting
1.2K views

NWP Assessment Builder Apex NWP Assessment Player Ul App: X was/ul/V2/assessment player/indexhtml?lounchid=7819cdd-a70c01e-ble-d2f5aalace/question? Question 8 of...

Accounting
1.2K views

The J. Godfrey, Capital account has a credit balance of $17,000 before closing entries are...

Finance
1.2K views

You purchased a share of stock for $40. One year later you receive $1 in...

Accounting
1.2K views

please answer the question in the picture On...

Accounting
1.2K views

Using the varable cost method, what matkup percenlage to varable cost shoula be used? Mutpole...