Samuel,head of Household with Two Dependents,has 2010 Wages of $26,000,paid

question 93

Essay

Samuel,head of household with two dependents,has 2010 wages of $26,000,paid alimony of $3,000,has taxable interest income of $2,000,and a $12,000 0%/15% net long-term capital gain.Samuel uses the standard deduction and is age 38.What is his 2010 taxable income and the tax on the taxable income?

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Definitions:

Cost

The cost is the value exchanged, often monetary, to acquire goods or services, encompassing expenses such as purchase price, production, and overheads.

Selling Price

The amount of money for which a product or service is sold, which can include costs and profit margins.

Margin

In finance, margin refers to the difference between the selling price and the cost of goods sold, often expressed as a percentage of the selling price. In trading, it refers to the collateral required to open and maintain a position.

Cost

The amount of money required to purchase something or the expense incurred to create a product or service.