Jenna is a single taxpayer. During 2018, she earned wages of $110,000. She doesn't itemize deductions, so she will take the standard deduction to calculate 2018 taxable income. In addition, during the year she sold common stock that she had owned for five years for a net profit of $7,800. How much does Jenna owe to the IRS for taxes

Jenna

The amount of tax that Jenna owes to the IRS for taxes (Tax Liability) for 2018 is:

= $23,520.

Explanation:

a) Data and Calculations:

Earned wages for 2018 = $110,000

Standard deduction =         (12,000) for a single taxpayer

Taxable income =               98,000

Capital gains from common stock = $7,800

Capital gains tax rate for a single = 0% (below $40,000)

Taxable income = $98,000

Tax rate (24%) for income over $82,500

Tax liability = $23,520 ($98,000 * 24%)

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.

the correct choice is a