a. Jacob is a single taxpayer who has net investment income consisting of $9,000 interest on a
Question:
a. | Jacob is a single taxpayer who has net investment income consisting of $9,000 interest on a certificate of deposit, $4,500 from dividends from a mutual fund, $4,500 from capital gain distributions from mutual funds, and $26,000 in long term capital gains from selling some stocks and his MAGI is $120,000. |
(1) | How much in surtax will Jacob be assessed on his Form for 2014? |
b. | Jacob is a single taxpayer who has net investment income consisting of $9,000 interest on a certificate of deposit, $4,500 from dividends from a mutual fund, $4,500 from capital gain distributions from mutual funds, and $26,000 in long term capital gains from selling some stocks and his MAGI is $213,000. |
(1) | How much in surtax will Jacob be assessed on his Form 1040 for 2014? |
c. | Jacob is a single taxpayer who has net investment income consisting of $23,500 interest on a certificate of deposit, $12,000 from dividends from a mutual fund, $12,000 from capital gain distributions from mutual funds, and $42,500 in long term capital gains from selling some stocks and his MAGI is $290,000. |
(1) | How much in surtax will Jacob be assessed on his Form 1040 for 2014? |
Income Tax Fundamentals 2015
ISBN: 9781305177772
33rd edition
Authors: Gerald E. Whittenburg, Martha Altus-Buller, Steven Gill