eric and marissa file a joint return, eric has shares of stock, he received a dividend from the investment, he received a 1099-div the taxable income was 88,910. how much tax on the div income must he pay

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19-12-2022
Business

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eric and marissa file a joint return, eric has shares of stock, he received a dividend from the investment, he received a 1099-div the taxable income was 88,910. how much tax on the div income must he pay

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AyushiJain10 AyushiJain10 · Answer 1 · 2022-12-23T11:24:53-05:00

Tax on dividend income:

TDS will be withheld at the amount of 20% on any dividend income that is paid out. This is likewise governed by the applicable DATAA rules.

Amount he payed:

= 88,910×20%

= 17,782

1099-div:

Banks and other financial institutions report dividends and other payments to taxpayers and the IRS using Form 1099-DIV.

Taxable Income:

The fraction of your gross income known as "taxable income" is used to determine your tax liability for a certain tax year. It can be roughly defined as Adjusted gross income (AGI) less permitted standard or itemized deductions. Wages, salaries, bonuses, and gratuities are all considered forms of taxable income, as are investment income and different unearned income streams.

Understanding Taxable Income:

Both earned and unearned income are included in taxable income. Cancelled debts, government benefits (such as unemployment benefits and disability payments), strike benefits, and lottery winnings are all considered unearned income and are subject to taxation. Earnings from appreciated assets that were sold during the year, as well as dividend and interest income, are also included in the definition of taxable income.

Learn more about Taxable income:

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