Molly is single and earns $150,000 in wages as a lawyer. Her employer withheld $30,000. She is
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Question:
Molly is single and earns $150,000 in wages as a lawyer. Her employer withheld $30,000. She is also an equal co-owner in a real estate management partnership with her friend Issa. The partnership earned $8,000 this year. The following also occurred this year:
Molly purchased a stock last year for $28,000 and sold the stock this year for $22,000. During this year and before the sale of the stock, the stock paid Molly $200 in dividends.
Molly’s bank paid her a 1% interest rate on her $10,000 of savings.
Molly earned $500 from a Fairfax County bond issuance.
What is Molly’s gross income?
Using 2020 tax rate bracket
Related Book For
Taxation for Decision Makers 2014
ISBN: 9781118654545
6th edition
Authors: Shirley Dennis Escoffier, Karen Fortin
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