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Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they have the following taxable?income: 1. ?$128,000 from salary and wages? (ordinary income). 2.?$2,000 in interest income. 3. ?$4,000 in dividend income. 4.?$4,000 in profit from sale of a stock they purchased 2 years ago. 5. ?$5,000 in profit from a stock they purchased this year and sold this year.

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Use the federal income tax rates given in Table? 1.2?, to work this problem.

a. How much will Mike and Julie pay in federal income taxes on 2? above?

b. How much will Mike and Julie pay in federal income taxes on 3? above? ?(Note?: Remember that dividend income is taxed differently than ordinary? income.)

c. How much will Mike and Julie pay in federal income taxes on 4? above?

d. How much will Mike and Julie pay in federal income taxes on 5? above?

a. The amount Mike and Julie will pay in federal income taxes on 2?, their interest? income, is . ? (Round to the nearest?dollar.)

b. The amount Mike and Julie will pay in federal income taxes on 3?, their dividend? income, is? (Round to the nearest? dollar.)?(Note?: Remember that dividend income is taxed differently than ordinary? income.)

c. The amount Mike and Julie will pay in federal income taxes on 4?, the profit from the sale of stock that they purchased 2 years?ago, is ? (Round to the nearest? dollar.)

d. The amount Mike and Julie will pay in federal income taxes on 5?, the profit on the sale of stock they purchased and sold this?year, is ? (Round to the nearest? dollar.)

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