Lacy is a single taxpayer. In 2022, her taxable income is $44,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. Note: Do not round Intermediate calculations. Round your answer to 2 decimal places. Required: a. All of her Income is salary from her employer. b. Her $44,200 of taxable income includes $1,200 of qualified dividends. c. Her $44,200 of taxable income includes $5,200 of qualified dividends.
Lacy is a single taxpayer. In 2022, her taxable income is $44,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule. Dividends and Capital Gains Tax Rates for reference. Note: Do not round Intermediate calculations. Round your answer to 2 decimal places. Required: a. All of her Income is salary from her employer. b. Her $44,200 of taxable income includes $1,200 of qualified dividends. c. Her $44,200 of taxable income includes $5,200 of qualified dividends.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer A & C.
Transcribed Image Text:**Tax Liability Calculation for Lacy**
Lacy is a single taxpayer. In 2022, her taxable income is $44,200. What is her tax liability in each of the following alternative situations? Use the *Tax Rate Schedule*, *Dividends and Capital Gains Tax Rates* for reference.
**Note:** Do not round intermediate calculations. Round your answer to 2 decimal places.
**Required:**
a. All of her income is salary from her employer.
b. Her $44,200 of taxable income includes $1,200 of qualified dividends.
c. Her $44,200 of taxable income includes $5,200 of qualified dividends.
**Instructions:**
Complete this question by entering your answers in the tabs below.
- **Required A:** Calculate tax liability where all income is salary.
- **Required B:** Calculate tax liability where $1,200 is qualified dividends.
- **Required C:** Calculate tax liability where $5,200 is qualified dividends.
**Interactive Section:**
- Enter the tax liability based on the given conditions.
**Navigation:**
- Use the navigation buttons to switch between different requirements: Required A, Required B, Required C.
This exercise helps understand how different income compositions impact tax liability.
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