Question
The tax on their eligible dividends and capital gains is $5,250 but I can't get the other two Jason and Jill are married and have
The tax on their eligible dividends and capital gains is $5,250 but I can't get the other two Jason and Jill are married and have a six-year-old daughter. During the year, they sell one acre of land for $80,000. Three years ago, they paid $70,000 for two acres of land. Their other income and deductions are as follows: Jill's commissions $82,000 Jason's salary 46,000 Dividend income 5,000 Interest income 8,000 Short-term loss on sale of stock in Nippon Inc. 15,000 Deductions for adjusted gross income 28,000 The standard deduction is $12,600 for married taxpayers filing jointly. The personal and dependency exeption is $4,050. Dividends and net long-term capital gains are taxed at a rate of 15%. Refer Tax schedules table to answer the following question. Round intermediate calculations to the nearest dollar. Jason and Jill's taxable income is $ . The tax on their eligible dividends and capital gains is $ 5,250 and total income tax liability is $ for the current year.
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