Question
Salary $125,000.00 Corporate Bonds $2,000.00 Muni Bonds $10,000.00 Ordinary Dividends $12,000.00 Qualified Dividends $3,000.00 ST Capital Gain $2,000.00 LT Capital Loss $8,000.00 Alimony Income $11,000.00
Salary $125,000.00
Corporate Bonds $2,000.00
Muni Bonds $10,000.00
Ordinary Dividends $12,000.00
Qualified Dividends $3,000.00
ST Capital Gain $2,000.00
LT Capital Loss $8,000.00
Alimony Income $11,000.00
Medical Expenses $12,000.00
Moving Expenses $1,500.00
Unreimbursed Employee Business Expenses $1,000.00
Charitable Contributions $13,500.00
Tuition & Fees Deduction $4,000.00
Student Loan Interest Deduction $2,500.00
Self Employment Taxes (100%) $950.00
Real Estate Taxes $1,400.00
Mortgage Interest $4,500.00
Filing Status MFJ Dependents 3
Withholding $11,000.00
Non-Refundable Credits $3,000.00
Calculate: Blank 1 Gross Income
Blank 2 Adjusted Gross Income
Blank 3 Taxable Income
Blank 4 Income Tax Liability
Blank 5 Tax Due/(Refund)
Blank 6 Marginal Tax Rate
Blank 7 Average Tax Rate
Blank 8 Effective Tax Rate
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