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How much in surtax will Jacob be assessed on his Form 1040

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Reference no: EM132814032

Question - Respond to the following independent situations:

1. Jacob is a single taxpayer who has net investment income consisting of $9,000 interest on a certificate of deposit, $4,500 from dividends from a mutual fund, $4,500 from capital gain distributions from mutual funds, and $26,000 in long-term capital gains from selling some stocks, and his modified AGI is $120,000.

2. Jacob is a single taxpayer who has net investment income consisting of $9,000 interest on a certificate of deposit, $4,500 from dividends from a mutual fund, $4,500 from capital gain distributions from mutual funds, and $26,000 in long-term capital gains from selling some stocks, and his modified AGI is $213,000.

3. Jacob is a single taxpayer who has net investment income consisting of $23,500 interest on a certificate of deposit, $12,000 from dividends from a mutual fund, $12,000 from capital gain distributions from mutual funds, and $42,500 in long-term capital gains from selling some stocks, and his modified AGI is $290,000.

Required - How much in surtax will Jacob be assessed on his Form 1040 for 2018?

Reference no: EM132814032

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