Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income:
$ comma from salary and wagesordinary income
$ comma in interest income.
$ comma in dividend income.
$ comma in profit from sale of a stock they purchased two years ago.
$ comma in profit from a stock they purchased this year and sold this year.
Use the federal income tax rates given in Table LOADING... to work this problem.
a How much will Mike and Julie pay in federal income taxes on above?
b How much will Mike and Julie pay in federal income taxes on 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 above?
d How much will Mike and Julie pay in federal income taxes on above?
