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Mr. and Mrs. Lays taxable income is $680,200, which includes a $22,150 dividend on their investment in Rexford Mutual Fund. Mr. and Mrs. Lays marginal
Mr. and Mrs. Lays taxable income is $680,200, which includes a $22,150 dividend on their investment in Rexford Mutual Fund. Mr. and Mrs. Lays marginal rate on ordinary income is 37 percent, and their entire Rexford dividend is subject to the Medicare contribution tax. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends.
- Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that the entire $22,150 was an ordinary dividend.
- Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $17,650 was an ordinary dividend and $4,500 was a capital gain distribution.
- Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $7,090 was an ordinary dividend, $10,740 was a qualified dividend distribution, and $4,320 was a capital gain distribution.
Required A Required B Required Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that the entire $22,150 was an ordinary dividend. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Income tax Medicare contribution tax Total tax Required A Required B Required C Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $17,650 was an ordinary dividend and $4,500 was a capital gain distribution. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Income tax Medicare contribution tax Total tax Required A Required B Required C ----- Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $7,090 was an ordinary dividend, $10,740 was a qualified dividend distribution, and $4,320 was a capital gain distribution. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) Income tax Medicare contribution tax Total tax Tax rates for capital gains and qualified dividends. Rate Single Married Filing Jointly Married Filing Separately Head of Household 0%* $0 - $78,750 $0 - $39,375 $0 - $39,375 $0 - $52,750 15%** $78,751 - $488,850 $39,376 - $244,425 $39,376 - $434,550 $52,751 - $461,700 20% $488,851+ $244,426+ $434,551+ $461,701+ * The highest income amount in this range for each filing status is referred to as the maximum zero rate amount. ** The highest income amount in this range for each filing status is referred to as the maximum 15-percent amount. Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is: The tax is: Not over $19,400 10% of taxable income Over $19,400 but not over $78,950 $1,940 + 12% of excess over $19,400 Over $78,950 but not over $163,400 $9,086 + 22% of excess over $78,950 Over $168,400 but not over $321,450 $28,765 + 24% of excess over $168,400 Over $321,450 but not over $405,200 $65,497 + 32% of excess over $321,450 Over $408,200 but not over $612,350 $93,257 + 35% of excess over $405,200 Over $612.350 $164,709.50 +37% of excess over $612,350 Married Filing Separately If taxable income is: The tax is: Not over $9,700 10% of taxable income Over $9,700 but not over $39,475 $970 + 12% of excess over $9,700 Over $39,475 but not over $84,200 $4,543 + 22% of excess over $39,475 Over $84,200 but not over $160,725 $14,382.50 +24% of excess over $84,200 Over $160,725 but not over $204,100 $32,748.50 + 32% of excess over $160,725 Over $204,100 but not over $306,175 $46,628.50 + 35% of excess over $204,100 Over $306.175 $82,354.75 +37% of excess over $306,175 Heads of Household If taxable income is: The tax is: Not over $13,850 10% of taxable income Over $13,850 but not over $52,850 $1,385 + 12% of excess over $13,850 Over $52,950 but not over $84,200 $6,065 + 22% of excess over $52,850 Over $84,200 but not over $160,700 $12,962 +24% of excess over $84.200 Over $160,700 but not over $204,100 $31,322 + 32% of excess over $160,700 Over $204,100 but not over $510,300 $45,210 + 35% of excess over $204,100 Over $510,300 $152,380 + 37% of excess over $510,300 Single If taxable income is: The tax is: Not over $9,700 10% of taxable income Over $9,700 but not over $39,475 $970 +12% of excess over $9,700 Over $39,475 but not over $84,200 $4,543 +22% of excess over $39,475 Over $84,200 but not over $160,725 $14,382.5 + 24% of excess over $84,200 Over $160,725 but not over $204,100 $32,748.5 + 32% of excess over $160,725 Over $204,100 but not over $510,300 $46,628.5 + 35% of excess over $204,100 Over $510,300 $153,798.5 +37% of excess over 510,300
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