Henry and Janice Are Married and File Jointly

question 134

Essay

Henry and Janice are married and file jointly. They have an AGI (and modified AGI) of $290,000, which includes $90,000 of salary, $170,000 of active business income, $10,000 of interest income, $15,000 of dividends, and $5,000 of long-term capital gains. What are Henry and Janice's net investment income tax liability this year, rounded to the nearest whole dollar amount?

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Definitions:

William Penn

An English nobleman, writer, and early Quaker who founded the Province of Pennsylvania, a North American colony of England, as a place of religious freedom.

European Conquest

Refers to the period when European countries explored, colonized, and annexed territories around the world, significantly affecting indigenous populations and altering global demographics.

African Slaves

People from Africa who were forcibly transported to the New World and sold into slavery, primarily to work on plantations.

Bacon's Rebellion

A 1676 uprising in colonial Virginia, led by Nathaniel Bacon, against the colony's government for its failure to protect settlers from Native American raids.