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Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income: 1.
Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable income: 1. $125,000 from salary and wages (ordinary income). 2. $3,000 in interest income. 3. $5,000 in dividend income. 4. $2,000 in profit from sale of a stock they purchased two years ago. 5 . $4,000 in profit from a stock they purchased this year and sold this year. Use the federal income tax rates given in Table 1.2, , to work this problem. a. How much will Mike and Julie pay in federal income taxes on 2 above? b. How much will Mike and Julie pay in federal income taxes on 3 above? (Note: Remember that dividend income is taxed differently than ordinary income.) c. How much will Mike and Julie pay in federal income taxes on 4 above? d. How much will Mike and Julie pay in federal income taxes on 5 above? a. The amount Mike and Julie will pay in federal income taxes on 2, their interest income, is b. The amount Mike and Julie will pay in federal income taxes on 3 , their dividend income, is ? b. The amount Mike and Julie will pay in federal income taxes on 3, their dividend income, is ? c. The amount Mike and Julie will pay in federal income taxes on 4 , the profit from the sale of stock that they purchased two years ago, is 9 d. The amount Mike and Julie will pay in federal income taxes on 5 , the profit on the sale of stock they purchased and sold this year, is $ Data table (Click the icon here in order to copy the contents of the data table below into a spreadsheet.) (Round to the nearest dollar.) (Round to the nearest dollar.) (Note: Remember that dividend income is taxed differently than ordinary income.) (Round to the nearest dollar.) (Round to the nearest dollar.)
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