Respond to the following independent situations: a. Jacob is a single taxpayer who has net investment income

Question:

Respond to the following independent situations:

a. Jacob is a single taxpayer who has net investment income consisting of $10,000 interest on a certificate of deposit, $5,000 from dividends from a mutual fund, $5,000 from capital gain distributions from mutual funds, and $40,000 in long-term capital gains from selling some stocks, and his MAGI is $190,000.

(1). How much in surtax will Jacob be assessed on his Form 1040 for 2017?

b. Jacob is a single taxpayer who has net investment income consisting of $10,000 interest on a certificate of deposit, $5,000 from dividends from a mutual fund, $5,000 from capital gain distributions from mutual funds, and $40,000 in long-term capital gains from selling stocks and his MAGI is $250,000.

(1). How much in surtax will Jacob be assessed on his Form 1040 for 2017?

c. Jacob is a single taxpayer who has net investment income consisting of $30,000 in interest on a certificate of deposit, $15,000 from dividends from a mutual fund, $15,000 from capital gain distributions from mutual funds, and $40,000 in long-term capital gains from selling some stocks and his MAGI is $300,000.

(1). How much in surtax will Jacob be assessed on his Form 1040 for 2017?

Stocks
Stocks or shares are generally equity instruments that provide the largest source of raising funds in any public or private listed company's. The instruments are issued on a stock exchange from where a large number of general public who are willing...

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