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P 1 . 4 Jakob and Anna Bernard are a working couple. They will file a joint income tax return. This year, they have the

P1.4 Jakob and Anna Bernard are a working couple. They will file a joint income tax return.
This year, they have the following taxable income:
1. $150,000 from salary and wages (ordinary income)
2. $1,500 in interest income
3. $2,500 in dividend income
4. $3,000 in profit from sale of a stock they purchased 2 years ago
5. $2,800 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 Jakob and Anna pay in federal income taxes on 2 above?
b. How much will Jakob and Anna pay in federal income taxes on 3 above? (Note:
Remember that dividend income and ordinary income are taxed differently.)
c. How much will Jakob and Anna pay in federal income taxes on 4 above?
d. How much will Jakob and Anna pay in federal income taxes on 5 above?

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