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How much will mike and julie pay in federal income taxes

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Question: Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year, they have the following taxable income:

1. $125,000 from salary and wages (ordinary income)

2. $1,000 in interest income

3. $3,000 in dividend income

4. $2,000 in profit from sale of a stock they purchased two years ago

5. $2,000 in profit from a stock they purchased this year and sold this year

Use the federal income tax rates given in Table to work this problem.

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a. How much will Mike and Julie pay in federal income taxes on item 2 above?

b. How much will Mike and Julie pay in federal income taxes on item 3 above? (Note: Remember that dividend income and ordinary income are taxed differently.)

c. How much will Mike and Julie pay in federal income taxes on item 4 above?

d. How much will Mike and Julie pay in federal income taxes on item 5 above?

Reference no: EM131623938

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