Question
a. Jacob is a single taxpayer who has net investment income consisting of $9,000 interest on a certificate of deposit, $4,500 from dividends from a
| a. | Jacob is a single taxpayer who has net investment income consisting of $9,000 interest on a certificate of deposit, $4,500 from dividends from a mutual fund, $4,500 from capital gain distributions from mutual funds, and $26,000 in long term capital gains from selling some stocks and his MAGI is $120,000. |
| (1) | How much in surtax will Jacob be assessed on his Form for 2014? |
| b. | Jacob is a single taxpayer who has net investment income consisting of $9,000 interest on a certificate of deposit, $4,500 from dividends from a mutual fund, $4,500 from capital gain distributions from mutual funds, and $26,000 in long term capital gains from selling some stocks and his MAGI is $213,000. |
| (1) | How much in surtax will Jacob be assessed on his Form 1040 for 2014? |
| c. | Jacob is a single taxpayer who has net investment income consisting of $23,500 interest on a certificate of deposit, $12,000 from dividends from a mutual fund, $12,000 from capital gain distributions from mutual funds, and $42,500 in long term capital gains from selling some stocks and his MAGI is $290,000. |
| (1) | How much in surtax will Jacob be assessed on his Form 1040 for 2014? |
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Ans a Jacob single taxpayer will not be assessed to surtax on his Form 1040 for 2014 because his MAG...
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Income Tax Fundamentals 2015
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven Gill
33rd Edition
9781305177772, 128543952X, 1305177770, 978-1285439525
