What would her tax liability be for the year

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Reference no: EM131317946

Mary has earnings of $50,000 this year from her job. In addition, the market value of the condominium she owns increased from $100,000 to $105,000. She has no other capital gains or earnings, and receives no transfers. In addition, the inflation rate was 0%.

a. What is Mary’s comprehensive income?

b. If Mary was subject to a comprehensive income tax at a flat 20% rate, what would her tax liability be for the year?

Reference no: EM131317946

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