Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i have asked this question before and has not been correct... can someone please help? You received no credit for this question in the previous

i have asked this question before and has not been correct... can someone please help?
image text in transcribed
image text in transcribed
image text in transcribed
You received no credit for this question in the previous attempt. 3 Hayley recently invested $24,000 in a public utility stock paying a 3 percent annual dividend. (Hayley's marginal income tax rate is 32 percent) Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference Required: a. If Hayley reinvests the annual dividend she receives net of any taxes owed on the dividend, how much will her investment be worth in seven years if the dividends paid are qualified dividends? b. What will her investment be worth in seven years if the dividends are nonqualified? (For all requirements, do not round intermediate calculations and round your final answers to the nearest whole dollar amount.) a. Investment worth when dividends are qualified b. Investment worth when dividends are nonqualified $ $ 25,883 25,770 Individuals Schedule X-Single Ir taxable income is over: But not over: The tax is: S 0 $ 9,950 10% of taxable income S 9.950 $ 40,525 $995 plus 12% of the excess over $9.950 S 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14.751 plus 24% of the excess over $86,375 $ 164,925 $ 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 S 19,900 10% of taxable income S 19,900 S 81,050S1.990 plus 12% of the excess over $19,900 $ 81,050 $ 172,750 $9,328 plus 22% of the excess over $81,050 $ 172.750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 S 418,850 $67,206 plus 32% of the excess over $329,850 S 418,850 S 628,300 $95,686 plus 35% of the excess over $418,850 S 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1.420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 $ 86,350 S 164,900 $13,293 plus 24% of the excess over $86,350 S 164.900 $ 209,400 $32,145 plus 32% of the excess over $164,900 $ 209,400 S 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600 0 Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rale Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 50.580.800 $0.540400 50-540,400 50 - 554,100 SO - $2,700 159 580,801-S501,600 S40,401 - 5250,800 540,401 445,850 $54,101 -S473.750 $2,701 - 513,250 2098 S501,601 $250.801 S445.851 - S473,751 $13,251- *Tres rate applies to the capital gains and qualified dividends that fall within the range of taxable mcome specified in the table et capital gains and qualified divide purpose

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial accounting

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

9th edition

978-0132751216, 132751127, 132751216, 978-0132751124

More Books

Students also viewed these Accounting questions

Question

Establishes clear accountabilities for self and the team.

Answered: 1 week ago