Tim Wages $98,000 Jan Wages $145,000 Tim and Jan, file MFJ and are under 65 years old with good vision. They have income and deductions for 2022 that are summarized as follows: Municipal Bond Interest $9,000 Federal Bond Interest $8,000 Received Qualified Dividends $5,000 Sold Stock A for $16,000 on 12/11/22. Purchased stock A for $12,750 on 3/1/19. Sold Stock B for $7,500 on 11/10/22. Purchased stock B for $10,000 on 10/1/22 Non-refundable income tax credit $1,500 Federal income tax withheld $18,000 Itemized Deductions $8,000 Other Deductions for A.G.I. $3,000 1) What is B's tax due or (refund) for 2022 tax year?  What is B's Marginal tax?

Answer rating: 100% (QA)

To calculate Bs tax due or refund for the 2022 tax year we first need to calculate their adjusted gr... View the full answer