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. $119,000 from salary and wages (ordinary income). 2. $4,000 in interest income. 3. $4,000 in dividend income. 4. $1,000 in profit from sale of a stock they purchased 2 years ago. 5. $2,000 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? TABLE 1.2: Tax Rates and Income Brackets for Joint Returns \begin{tabular}{cc} \multicolumn{2}{c}{(2015)} \\ \hline Tax Rates & Taxable Income \\ Joint Returns \\ \hline 10% & $0 to $18,150 \\ 15% & $18,151 to $73,800 \\ 25% & $73,801 to $148,850 \\ 28% & $148,851 to $226,850 \\ 33% & $226,851 to $405,100 \\ 35% & $405,101 to $457,600 \\ 39.6% & Over $457,600 \\ \hline \end{tabular} (Click on the icon located on the top-right corner of the data table above in order to copy its contents into a spreadsheet.)