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Mr. and Mrs. Lay's taxable income is $682,800, which includes a $22,410 dividend on their investment in Rexford Mutual Fund. Mr. and Mrs. Lay's marginal
Mr. and Mrs. Lay's taxable income is $682,800, which includes a $22,410 dividend on their investment in Rexford Mutual Fund. Mr. and Mrs. Lay's 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. a. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that the entire $22,410 was an ordinary dividend. b. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $17,970 was an ordinary dividend and $4,440 was a capital gain distribution. c. Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $7,400 was an ordinary dividend, $11,000 was a qualified dividend distribution, and $4,010 was a capital gain distribution. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that the entire $22,410 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 $17,970 was an ordinary dividend and $4,440 was a capital gain distribution. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) $13,279 tahan ordinary dividend Income tax Medicare contribution tax Total tax Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute the Lays' total tax on this dividend if their Form 1099 from Rexford reported that $7,400 was an ordinary dividend, $11,000 was a qualified dividend distribution, and $4,010 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
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