Question

Lacy is a single taxpayer. In 2019, her taxable income is $40,000. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

Answer 1

a. Tax rate schedule = $5,738.75

b. Dividends = $5,638.75

c. Capital gains tax rate = $5,091.25

Step-by-step explanation:

Base on the scenario been described in the question, the following answers are been solved in the image attached.