Jenna is a single taxpayer with no dependents so she qualifies for one personal exemption. During 2013, she earned wages of $124,000. She doesn't itemize deductions, so she will take the standard deduction and her personal exemption to calculate 2013 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $7,200. How much does Jenna owe to the IRS for taxes? Round your intermediated and final answers to the nearest cent. $

Quantitative Problem: Andrews Corporation has income from operations of $240,000. In addition, it received interest income of $24,000 and received dividend income of $31,100 from another corporation. Finally, it paid $12,500 of interest income to its bondholders and paid $47,000 of dividends to its common stockholders. Using the 2013 corporate tax schedule, what is the firm’s federal income tax? Round your intermediated and final answers to the nearest cent. $?

Answer rating: 100% (QA)

1 Jennas taxable income is 148100 To figure her tax liability Jennas 2013 gros... View the full answer