Answer :
The taxable income of Angelena who is filing as a head of household be after considering tax rate schedule will be $5092.
Taxable Income = $54,800
Less: Qualified income = $10,000
Remaining balance = $44,800
Tax bracket to be used 12% in excess of $14,200
=> $44,800-$14,200 = 12%* 30,600 = $3,672
10% up to $14,200 = 10% * $14,200 = $1420
Total taxable income = $3672+ $1420 = $5092
Any gross income that is used to determine how much tax you owe is referred to as taxable income. It is simply your adjusted gross income less any deductions, to put it simply. Included taxable income are any pay, gratuities, salaries, and incentives received from companies. Furthermore, included are investments and interest income.
The complete question is here:
Angelena files as a head of household. In 2021, she reported $54,800 of taxable income, including a $10,000 qualified dividend. What is her gross tax liability? (Round your answer to the nearest whole dollar amount.) (Use the tax rate schedules, long-term capital gains tax brackets.)
Multiple Choice
a. $6,352
b.$5,092
c.$6,592
d. $5,197
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