Question
Lacy is a single taxpayer. In 2022, her taxable income is $48,200. What is her tax liability in each of the following alternative situations? Use
Lacy is a single taxpayer. In 2022, her taxable income is $48,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference.
Note: Do not round intermediate calculations. Round your answer to 2 decimal places.
Required:
a. All of her income is salary from her employer.
b. Her $48,200 of taxable income includes $5,200 of qualified dividends.
c. Her $48,200 of taxable income includes $9,200 of qualified dividends.
Tax Rates for Net Capital Gains and Qualified Dividends
Rate* | Taxable Income | ||||
---|---|---|---|---|---|
Married Filing Jointly | Married Filing Separately | Single | Head of Household | Trusts and Estates | |
0% | $0 - $83,350 | $0 - $41,675 | $0 - $41,675 | $0 - $55,800 | $0 - $2,800 |
15% | $83,351 - $517,200 | $41,676 - $258,600 | $41,676 - $459,750 | $55,801 - $488,500 | $2,801 - $13,700 |
20% | $517,201+ | $258,601+ | $459,751+ | $488,501+ | $13,701+ |
*This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose).
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