Jack files married filing separately, and in 2020 his taxable income is $278,300, as computed below. Salary

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Jack files married filing separately, and in 2020 his taxable income is $278,300, as computed below.

Salary $256,000

Interest 14,000

Qualified dividends 11,900

Gain on sale of stock held for 2 years 5,600

Gambling winnings 3,200

Gross income 290,700

Standard deduction (12,400)

Taxable income 278,300

What is Jack's income tax liability for 2020

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Sep 21, 2023 05:25 AM

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Jack files married filing separately, and in 2020 his taxable income is $278,300, as computed below. Salary

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Income Tax Fundamentals 2013

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