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6. A farm family filed their income tax return with the following totals Net farm profit (Schedule F) Capital gains (Schedule D) Other taxable income
6. A farm family filed their income tax return with the following totals Net farm profit (Schedule F) Capital gains (Schedule D) Other taxable income (off-farm rent) $82,000 $10,000 $8,000 $100,000 $20,000 Personal deduction and exemptions Assume the tax rates this year are as follows: Self-employment tax Capital gains tax Rate 15.3% 15% Bracket up to $120,000 no limit Ordinary income tax (federal)- $0 to $15,000 $15,000 to $50,000 over $50,000 ( 10% 15% How much did they owe for each of the following types of taxes
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