Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. alex files a single tax return and has adjusted gr

Alex files a single tax return and has adjusted gross income of $304,000. His net...

70.2K

Verified Solution

Question

Accounting

Alex files a single tax return and has adjusted gross income of $304,000. His net investment income is $51,000. What is the additional tax that he will pay on his net investment income for the year?

A. None of the choices are correct.

B. Zero.

C. $2,014.

D. $1,938.

E. $3,952.

Taxpayers are not required to file a tax return unless their gross income passes a certain threshold. This threshold is generally the ________.

A. Twice the applicable standard deduction amount

B. AMT exemption amount

C. The tax payer's allowed standard deduction

D. Applicable standard deduction amount plus the personal exemption amount

Answer & Explanation Solved by verified expert
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

Psychology
1.2K views

What are the pros and cons of a self-management system? If operant behavior is controlled by...

Biology
1.2K views

Over the years bacteria have become less sensitive to antibiotics used for medicinal and sanitation...

Physics
1.2K views

2 Ad 2 d 20 E d The voltage drop across a capacitor connected with...

Geometry
1.2K views

For each triangle check all that apply Triangle A Scalene Isosceles Equilateral 8 18 Triangle...

Geometry
1.2K views

Cool Down Are Label each example with one of the statements The triangles must be...

Accounting
1.2K views

27Q.The Gateway Company's physical inventory at 12/31 was $10,000. In addition,...

Accounting
1.2K views

Prepare an adjusted trial balance as of January 31, 2024, after updating beginning balances (above)...

Accounting
1.2K views

Which of the following is not a topic being currently studied by the FASB as...

Accounting
1.2K views

Hayden, Inc. purchased knobs from a Greek company for 192,000 Euros. On the purchase date...

Accounting
1.2K views

Lukawitz Industries leased non-specialized equipment to Seminole Corporation for a four-year period, at which time...

Finance
1.2K views

The last four years of returns for a stock are shown here: a. What...

Finance
1.2K views

nvestment appraisal techniques primarily meant to appraise the performance of a new project. Some managers...