Question
Chelsea lived in Atlantic City, NJ. Her salary in 2021 was $67,000 and her other income was $3,000 for capital gains. 1) Calculate his after-tax
Chelsea lived in Atlantic City, NJ. Her salary in 2021 was $67,000 and her other income was $3,000 for capital gains.
1) Calculate his after-tax income in 2021 using the income tax rate in New Jersey (11.5%).
In 2022, she moved to Las Vegas, NV which has no income tax.
2) Give that her income and capital gains remain unchanged and there was no change in prices (zero inflation), what would be her after-tax income in 2022.
Step by Step Solution
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SOLUTION To calculate Chelseas aftertax income in 2021 well apply the income tax rate in New Jersey ...
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South Western Federal Taxation 2015
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
38th Edition
978-1305310810, 1305310810, 978-1285439631
