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Show me the steps to solve Mr . and Mrs . Lay s taxable income is $ 7 7 9 , 0 0 0 ,
Show me the steps to solve Mr and Mrs Lays taxable income is $ which includes a $ dividend on their investment in Rexford Mutual Fund. Mr and Mrs Lays marginal rate on ordinary income is 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.
Required:
Compute the Lays' total tax on this dividend if their Form from Rexford reported that the entire $ was an ordinary dividend.
Compute the Lays' total tax on this dividend if their Form from Rexford reported that $ was an ordinary dividend and $ was a capital gain distribution.
Compute the Lays' total tax on this dividend if their Form from Rexford reported that $ was an ordinary dividend, $ was a qualified dividend distribution, and $ was a capital gain distribution.
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