Business, 12.02.2020 00:03 FortniteB

Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxableincome:

1. $125,000 from salary and wages (ordinary income).
2. $1,000 in interest income.
3. $3,000 in dividend income.
4. $2,000 in profit from sale of a stock they purchased 2 years ago.
5. $2,000 in profit from a stock they purchased this year and sold this year.

Use the federal income tax rates given in Table below to work this problem.

a. How much will Mike and Julie pay in federal income taxes on 2 above?
b. How much will Mike and Julie pay in federal income taxes on 3 above?
(Note: Remember that dividend income is taxed differently than ordinaryincome.)
c. How much will Mike and Julie pay in federal income taxes on 4 above?
d. How much will Mike and Julie pay in federal income taxes on 5 above?

Tax Rates Joint Returns
10% $0- $17,400
15% $17,401- $70,700
25% $70,701- 142,700
28% $142,701- $217,450
33% $217,451- $388,350
35% Over $388,350

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Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they...

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