Question
Jack files married filing separately, and in 2020 his taxable income is $278,300, as computed below. Salary $256,000 Interest 14,000 Qualified dividends 11,900 Gain on
Jack files married filing separately, and in 2020 his taxable income is $278,300, as computed below.
| Salary | $256,000 |
| Interest | 14,000 |
| Qualified dividends | 11,900 |
| Gain on sale of stock held for 2 years | 5,600 |
| Gambling winnings | 3,200 |
| Gross income | 290,700 |
| Standard deduction | (12,400) |
| Taxable income | 278,300 |
What is Jack's income tax liability for 2020 (before any potential "other taxes"?
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Security And Loss Prevention An Introduction
Authors: Philip Purpura CPP Florence Darlington Technical College
7th Edition
0128117958, 9780128117958
