Quiz 6

Based off of 2019 Tax Rate Schedule

Salary$270,000.00

Corporate Bonds$12,000.00

Muni Bonds$15,000.00

Ordinary Dividends$13,000.00

Qualified Dividends$3,000.00

ST Capital Gain$2,150.00

ST Capital Loss$1,750.00

LT Capital Gain$1,500.00

LT Capital Loss$7,000.00

Independent Contractor Net Income$17,500.00

Alimony Received (divorced in 2018)$4,000.00

Child Support Paid$3,000.00

Medical Expenses$7,000.00

Unreimbursed Employee Business Expenses$500.00

Charitable Contributions$27,000.00

Dental Expenses$12,500.00

Real Estate Taxes$8,000.00

Self-Employment Tax (100%)

Mortgage Interest$14,500.00

Filing StatusHOH

Dependents 3

Withholding$8,000.00

Non-Refundable Credits$2,500.00

Calculate:

Gross Income

Adjusted Gross Income

Taxable Income

Income Tax Liability

Tax Due/(Refund)