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Jenna is a single taxpayer. During 2018, she earned wages of $110,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $7,800. How much does Jenna owe to the IRS for taxes

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anthougo

Answer:

Jenna

The amount of tax that Jenna owes to the IRS for taxes (Tax Liability) for 2018 is:

= $23,520.

Explanation:

a) Data and Calculations:

Earned wages for 2018 = $110,000

Standard deduction =         (12,000) for a single taxpayer

Taxable income =               98,000

Capital gains from common stock = $7,800

Capital gains tax rate for a single = 0% (below $40,000)

Taxable income = $98,000

Tax rate (24%) for income over $82,500

Tax liability = $23,520 ($98,000 * 24%)

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