Author Question: Renee is single and has taxable income of $480,000 without considering the sale of a capital asset ... (Read 124 times)

futuristic · **on:** Sep 13, 2020

Question 1

Olivia, a single taxpayer, has AGI of $280,000 which includes $220,000 of salary and $60,000 of investment income. She will pay Medicare tax on the $60,000 of investment income of
◦ $0.
◦ $2,280.
◦ $9,000.
◦ $870.

Question 2

Renee is single and has taxable income of $480,000 without considering the sale of a capital asset (land held for investment) in September of 2016 for $25,000. That asset was purchased six years earlier and has a tax basis of $5,000. The tax liability applicable to only the capital gain (without consideration of the additional Medicare tax) is
◦ $7,920.
◦ $5,600.
◦ $3,000.
◦ $4,000.

frogdreck123456 · **Reply #1 on:** Sep 13, 2020

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