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Scenario1 Scenario2 Wages and interest $ 106,000 $ 106,000 Itemized deduction (15,000) (15,000) Taxable Income (before any capital gains) $ 91,000 $ 91,000 Taxes (before
| Scenario1 | Scenario2 | |
| Wages and interest | $ 106,000 | $ 106,000 |
| Itemized deduction | (15,000) | (15,000) |
| Taxable Income (before any capital gains) | $ 91,000 | $ 91,000 |
| Taxes (before any capital gains taxes) | $ 15,682 | $ 15,682 |
| Scenario1 | Scenario2 | |
| In addition to the income above, Justin2 (single) had | Short-term capital gains | Long-term capital gains |
| 10,000 | 10,000 | |
| Total AGI | $ 116,000 | $ 116,000 |
| What are the additional taxes on the capital gains? | ||
| What are total taxes? 15,682+above line |
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Financial Accounting In An Economic Context
Authors: Jamie Pratt
7th Edition
0470128828, 978-0470128824
