Taxable income and tax on the taxable income


Problem:

Samuel, head of household with two dependents, has 2014 wages of $26,000, paid alimony of $3,000, has taxable interest income of $2,000, and a $12,000 0%/15%/20% net long-term capital gain. Samuel uses the standard deduction and is age 38.

Required:

Question: What is his 2014 taxable income and the tax on the taxable income?

Note: Please show the work not just the answer.

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Accounting Basics: Taxable income and tax on the taxable income
Reference No:- TGS0882414

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