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Sergio [31]
3 years ago
6

Jamie is single. In 2020, she reported $108,000 of taxable income, including a long-term capital gain of $5,800. What is her gro

ss tax liability? (Round your answer to the nearest whole dollar amount.) (Use the tax rate schedules, long-term capital gains tax brackets.)
a. $19.478
b. $20143
c. $18,728
d. 516 200
Business
1 answer:
Harlamova29_29 [7]3 years ago
4 0

Answer:

$19,478

Explanation:

<u>Computation of tax liability</u>

i. Total income excluding LTC gain = 108,000 - 5,800 = 102,200

ii. Tax on 102,200 as per single tax schedule = 14605.5+((102200-85525)*24%) = 18607.50

iii. Tax on LTC gain at 15% = 5800 * 15% = 870

So, Gross Tax liability = $18607.50 + $870 = $19477.50 = $19,478

Note: As per Long term capital gain schedule

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3 years ago
At December 31, 2020 Bramble Corp. had 298000 shares of common stock and 9800 shares of 6%, $100 par value cumulative preferred
Vika [28.1K]

Answer:

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5 0
3 years ago
How to wear black formal shoes?
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Answer:

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Learn more about Environmental ethics  at;

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