H is a single, calendar year, individual taxpayer.She has taxable income for the year 2011 of $70,000, including a net short-term capital gain of $5,000 and a net long-term (15 percent) capital gain of $30,000.The 2011 tax schedules for single taxpayers are as follows: H's federal gross income tax for 2011 is

Question

H is a single, calendar year, individual taxpayer.She has taxable income for the year 2011 of $70,000, including a net short-term capital gain of $5,000 and a net long-term (15 percent) capital gain of $30,000.The 2011 tax schedules for single taxpayers are as follows:  H's federal gross income tax for 2011 is

Quizplus · Accepted Answer

First, we need to calculate H's taxable income by subtracting any applicable deductions or exemptions from her gross income. Based on the information given, we do not have any additional deductions or exemptions, so her taxable income is $70,000.
To calculate H's federal gross income tax, we need to use the tax schedules provided. Looking at the table, we can see that for taxable income of $70,000, the tax liability is $10,625. This includes both the regular income tax and the capital gains tax.
Therefore, the best choice is B, $10,625.

H Is a Single, Calendar Year, Individual Taxpayer