Jamie is single. In 2024, she reported $100,250 of taxable i…

Jamie is single. In 2024, she reported $100,250 of taxable income, including a long-term capital gain of $5,500. The remainder of the taxable income is from ordinary sources. What is her gross tax liability? (Here’s a link to the tax rate schedule). Round your answer to the nearest whole dollar amount.

Kerry has a brokerage account and buys on margin (i.e., borr…

Kerry has a brokerage account and buys on margin (i.e., borrows from the broker), which resulted in an interest expense of $50,000 during 2024.  Income generated in 2024 through the brokerage account was as follows: Taxable Interest                                 $15,000Short-term capital gains                   $30,000 Kerry had no other investment income.  How much investment interest can Kerry deduct in 2024?

Betty is a consultant and operates a sole proprietorship pro…

Betty is a consultant and operates a sole proprietorship providing advisory services.  In July of 2024, Betty traveled from Minneapolis to Munich, Germany, to meet with a client.  She spent a total of 15 days in Germany. 10 of the days were devoted to business, holding meetings with her client, and providing advisory services. Taking advantage of being abroad, Betty spent the other 5 days site seeing around Munich. Betty incurred the following expenses on her trip: Airfare $1,450 Hotel $1,875 ($125/night) Meals at restaurants $1,350 ($90/day) Rental Car $375 ($25/Day) How much of the above expenses qualify as deductible business travel expenses, if any? Show your work to receive partial credit.