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Mike and Julie Bedard are a working couple. They will file a joint income tax...

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Accounting

Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income:
1.
$121,000
from salary and wages (ordinary income).
2.
$3,000
in interest income.
3.
$2,000
in dividend income.
4.
$3,000
in profit from sale of a stock they purchased two years ago.
5.
$5,000
in profit from a stock they purchased this year and sold this year.
Use the federal income tax rates given in Table 1.2,
(at the bottom)
to work this problem.
a. How much will Mike and Julie pay in federal income taxes on 2 above?
b. How much will Mike and Julie pay in federal income taxes on 3 above?
(Note:
Remember that dividend income is taxed differently than ordinary income.)
c. How much will Mike and Julie pay in federal income taxes on 4 above?
d. How much will Mike and Julie pay in federal income taxes on 5 above?
Taxable Income
Tax RatesJoint Returns
10%$0 to $19,750
$0 to $19,750
12%$19,751 to $80,250
22%$80,251 to $171,050
24%$171,051 to $326,600
32%$326,601 to $414,700
35%$414,701 to $622,050
37%Over $622,050

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