Calculate jennifers taxable income and income tax liability

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Reference no: EM131456006

1.Erin, a single taxpayer, has a taxable income of $103000 in the current year before considering the following capital gain and losses:

Short term capital gain $3000

Long term capital gain $22000

Unrecaptured Section 1250 gain $14000

In addition, Erin has an $8000 long term capital loss carryover from last year. What are the effects of these transactions on Erin's taxable income and her income tax liability?

2. Jennifer is single and has the following income and expenses:

Salary $76000

Interest income $5000

Dividend Income $9000

Long term capital gain $10000

Short term capital gain $14000

Deductions for AGI $3000

Deductions from AGI $9000

Calculate Jennifer's taxable income and income tax liability.

Reference no: EM131456006

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