Amanda, who is an executive on the wall Street, earns $500,000 in annual wages. Calculate her tax liability. Mike works for an IT company and earns...

Amanda, who is an executive on the wall Street, earns $500,000 in annual wages. Calculate her tax liability.

Mike works for an IT company and earns $150,000 in annual income. He also earned $10,000 in interest income. Mike also sold HP common stock for $25,000 that he had purchased 8 months ago for $150,000. Calculate Mike's tax liability.

Amanda and Mike are married and they need to know if their joint return would lower their tax liability. calculate their tax liability on the joint return.

Jack earned 35,000 in wages and interest income in 2015. He lost $7,000 in the IBM commons stock sale. He also earned $8,000 in dividend on a common stock portfolio. Calculate Jack's tax liability.

Steve and Jennifer, a married couple, are filing their yearend income tax return. Steve's annual wage is 65,000 and Jennifer earns 85,000. Each of them earned 15,000 in interest income. steve owns a portfolio of stock and earned $10,000 in dividend income. Steve also some stocks held over 6 minths for a capital gain of $10,000.

a. If Steve files individual tax return, calculate his tax liability

b. If Jennifer files individual tax return, calculate her tax liability

c. If they file joint tax return calculate their tax liabilty