Ordinary income after standard deduction-personal exemption

Assignment Help Financial Management

Reference no: EM13874849

Harold and Wanda (married filing jointly) have $30,000 ordinary income after the standard deduction and personal exemption, and $50,000 in unrecaptured depreciation of the sale of rental property, for total taxable income of $80,000. For 2014, the 10 percent tax bracket for married taxpayers filing jointly ends at $18,150, the next $55,650 in taxable income is taxed at 15% and 25% applies to the next $75,050. What is Harold and Wanda's tax?

A, $7,500

B. $11,093

C. $11,713

D. $16,093

Reference no: EM13874849

Questions Cloud

What values of discount factor would reversion to bertrand : For what values of the discount factor would reversion to Bertrand for only two periods sustain a collusive agreement to share equally the monopoly output?

Highest tax bracket for ordinary income : Jeanie acquires an apartment building in 2003 for $260,00 and sells it for $500,000 in 2014. At the time of sale, there is $78,000 of accumulated straight-line depreciation on the apartment building. Assuming Jeanie is in the highest tax bracket for ..

Organization encourage positive organizational behavior? : organization encourage positive Organizational Behavior?

Nature of pauls gain on the sale of the rental property : During 2014, Paul sells residential rental property for $300,000, which is acquired in 1994 for $150,000. Paul has claimed straight-line depreciation on the building of $57,525. What is th4e amount and nature of Paul's gain on the sale of the rental ..

Ordinary income after standard deduction-personal exemption : Harold and Wanda (married filing jointly) have $30,000 ordinary income after the standard deduction and personal exemption, and $50,000 in unrecaptured depreciation of the sale of rental property, for total taxable income of $80,000. For 2014, the 10..

Documentation to justify the request : Cost control is important, so you don't want to overspend. If you need to ask for more money than was budgeted, you will need documentation to justify the request.

Nature of marys gain as result of sale of the machine : In 2014, Mary sells for $15,000 a machine used in her business. The property was purchased on May 1, 2012, at a cost of $12,500. Mary has claimed depreciation on the machine of $4,750. What is the amount and nature of Mary's gain as a result of sale ..

How does critical value of discount factor depend on product : How does the critical value of the discount factor depend on the degree of product dif- ferentiation r ? What does r = 1 imply about the relationship between the two goods?

How important is it to be personally invested in an idea? : How important is it to be personally invested in an idea?

User Account

All Pages