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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: $ from salary and wagesordinary income$ in interest income. $ in dividend income. $ in profit from sale of a stock they purchased years ago. $ in profit from a stock they purchased this year and sold this year.
Use the federal income tax rates given in Table to work this problem.
a How much will Mike and Julie pay in federal income taxes on above?
b How much will Mike and Julie pay in federal income taxes on 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 above?
d How much will Mike and Julie pay in federal income taxes on above?
a The amount Mike and Julie will pay in federal income taxes on their interest income, is Round to the nearest dollar.
b The amount Mike and Julie will pay in federal income taxes on their dividend income, isRound to the nearest dollar.Note: Remember that dividend income is taxed differently than ordinary income.
c The amount Mike and Julie will pay in federal income taxes on the profit from the sale of stock that they purchased years ago, is Round to the nearest dollar.
d The amount Mike and Julie will pay in federal income taxes on the profit on the sale of stock they purchased and sold this year, is Round to the nearest dollar.
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