What is Jenny's tax loss for the income year?     $17,000     $20,000     $11,000     Nil     $14,000

Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the year was $188,000. Assume the following tax table is applicable. Single Individuals If Your Taxable Income Is Up to $9,875 $9,875- $40,125 $40,125- $85,525 $85,525- $163,300 $163,300- $207,350 $207,350- $518,400 You Pay This Amount on the Base of the Bracket $0.00 987.50 4,617.50 14,605.50 33,271.50 Over $518,400 What is her marginal tax rate? 47,367.50 156,235.00 Plus This Percentage on the Excess over the Base 10.0% 12.0 22.0 24.0 32.0 35.0 37.0 Average Tax Rate at Top of Bracket 10.0% 11.5 17.1 20.4 22.8 30.1 37.0

John has the following sources of income and deductions: Employment income $35,000 Interest income 5,000 Taxable dividend income 7,000 Taxable capital gain 5,000 Allowable capital loss 12,000 Subdivision e deductions 2,000 What is John's Net Income for Tax Purposes? Select one: a. $47,000 b. $49,000 c. $45,000 d. $40,000

During the tax year Thomas and you long to receive 24,000 and Social Security benefits them out of there adjusted gross income for the year was 2000 and they receive no tax exempt interest incomeCalculate the amount of the Social Security benefits

Subject: acounting

Calculate Jared's taxable income and tax liabiity filing single according to the following tax information: Gross Income  $160,000 Interest Earned    $2,000 IRA Contribution  $5,000 Personal Exemption  $4,050 Itemized Deduction  $8,000

In the current tax year, a taxpayer sells a painting for $12,000. She purchased the painting two years ago for $8,000. The short-term capital gains rate is 25%. The long-term capital gains rate is 15%. What is the taxpayer's gain for the current tax year?     O $600 short-term capital gain.  O $600 long-term capital gain.  O $1,000 long-term capital gain.  O$1,000 short-term capital gain  An individual with a taxable income of $50,000 sells 300 shares of stock at a market price of $100 per share. At the individual's present level of income, there is a marginal ordinary income tax rate of 25% and a long-term capital gains rate of 15%. 200 shares of the stock were acquired 13 months earlier at a price of $80 per share, and 100 shares were acquired two years earlier at a price of $60 per share.  What is this individual's tax liability after this transaction?  O $2,000  O $1,800  O $8,000  O $1,200

A single person has taxable income of $85,000 per year.  She earns $1,800 in interest from a certificate of deposit.  How much federal income tax expense will be calculated on these earnings?  Tax year 2019. Deduction amount 12,200. Tax rate 24%

2:Rachel Schillo earned gross pay of $1,900. She does not make any retirement plan contributions, and her current year taxable earnings for Social Security tax, to date, are $105,000.Total Social Security tax = $

LeRoy has the following capital gains and losses for the current year: Short-term capital gain $10,000 Collectible loss (3,000) Long term capital gain 5,000 If LeRoy is single and has a taxable income from other sources of $52,000, what is the tax on his capital gains? Oa. $2,500 Ob. $3,000 Oc. $2,640 Od. $1.800