1. In 1989, I purchased 100 shares of Widget Master at $10 per share. I sold the shares in 1991 at a price of $20 per share. Although I didn't sell the shares in 1990, I couldve sold them for $18 per share. On a realization basis, my capital gain for 1991 wouldve been

2. If taxable income is The tax is

Not over $36,900 15% of taxable income

Over $36,900 and less than $89,150 $5,535 plus 28% of the excess over $36,900

Over $89,150 and less than $140,000 $20,165 plus 31% of the excess over $89,150

Mary Jo Belcher has an adjusted gross income of $110,00 and a taxable income of $95,25. What is Ms.Belchers total tax payment?

Mrs.Shaughnessy has a total income of $75,000, a taxable income of $65,450 and itemized deductions and exemptions totaling $9,550. What is Mrs.Shaughnessys average effective rate?