Lacy is a single taxpayer. In 2017, her taxable income is $40,000. What is her tax liability
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Question:
Lacy is a single taxpayer. In 2017, her taxable income is $40,000. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
a. All of her income is salary from her employer.
Tax liability:$____________
b. Her $40,000 of taxable income includes $1,000 of qualified dividends.
Tax liability:$____________
c. Her $40,000 of taxable income includes $5,000 of qualified dividends.
Tax liability:$_____________________
Related Book For
Essentials of Federal Taxation 2018
ISBN: 9781260007640
9th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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