Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. sarah is single. she files her tax return as singl

Sarah is single. She files her tax return as Single. Her 2020 income from wages is...

60.1K

Verified Solution

Question

Accounting

Sarah is single. She files her tax return as Single. Her2020 income from wages is $450,400. She has “net long-term capitalgains” of $100,000. Total 2020 gross income is $550,400. Sarah isunder 65 years of age and does not itemize her deductions. What isSarah’s total federal income tax?

A)$112,829.75       

B)$128,095.50.     

C) $147,922.50

D) $149,701

please show work thank you

Answer & Explanation Solved by verified expert
4.0 Ratings (542 Votes)
14792250 is the correct alternative Explanation Gross Income including long term capital gain 550400 Less Standard deduction 12400 Net taxable income including net long term capital gain 538000 Net taxable long term capital gain 100000 So taxable regular income 538000 100000 438000 Calculation for tax liability on    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

Advance Math
1.2K views

How to proof that the 2-partition problem can be transformed to 3-partition problem and the time...

Chemistry
1.2K views

A saturated solution of barium fluoride, BaF2, was prepared by dissolving solid BaF2 in water. The...

Chemistry
1.2K views

1) A) Draw the dipeptide Y-C at pH 7 and clearly label the peptide bond to...

Physics
1.2K views

A thin metal shell enclosed by concentric thick hollow metal sphere then potential at point...

Physics
1.2K views

A saturn year is 29 5 times the earth year How far is the saturn...

Basic Math
1.2K views

A triangular roadside channel has side slopes of 3 1 H V and a longitudinal...

Basic Math
1.2K views

A TV studio has brought in 7 boy kittens and 9 girl kittens for a...

Statistics
1.2K views

Marketers believe that 93 of adults in the United States own a car A car...

Statistics
1.2K views

Based on the table what is the probability that a coin toss ends up with...

Calculus
1.2K views

a Set up an integral for finding the Laplace transform of f t 1 6...

Calculus
1.2K views

f x b Check to see that your answer to part a is reasonable by...

Algebra
1.2K views

The fraction that is found halfway between 8/9 and 1/10is:89/180162/18071/180