Question





28 1. Capital Gains Tax. David is in the 35% tax bracket making $300,000 per year as an account executive. Recently, he sold
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Tax on capital gain = Tax rate* Capital gain

= 35%*10000

= $ 3500

Hence tax on the capital gain = $3500

Add a comment
Know the answer?
Add Answer to:
28 1. Capital Gains Tax. David is in the 35% tax bracket making $300,000 per year...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • B. Investing Fundamentals 1.a Return on Stock. Mica purchased 1000 shares of stock for $28 per...

    B. Investing Fundamentals 1.a Return on Stock. Mica purchased 1000 shares of stock for $28 per share. During the year, she received dividend checks amounting to $2,000. Mica recently sold the stock for $33 per share. What was Mica's percentage return on the stock (including both dividends and capital gains)? Work: 35 Rokkos Fall 2019 Problem Set 3 Answer Point Value Points Earned 36 1.b Capital Gains Tax. Mica is single and is in a 32% tax bracket. What amount...

  •    Stephen is in a 10% marginal tax bracket. In​ 2018, he sold stock that he had...

       Stephen is in a 10% marginal tax bracket. In​ 2018, he sold stock that he had held for nine months for a gain of $1900. How much tax must he pay on this capital​ gain? How much would the tax be if he had held the stock for 13 months? The amount of tax he must pay on this capital gain is ? f he had held the stock for 13 months the tax would be ?

  • Jessica, who is in the 35% tax bracket, has the following capital gains and losses for...

    Jessica, who is in the 35% tax bracket, has the following capital gains and losses for 2019: $9,000 STCL, $5,000 28% gain, $5,000 25% gain, and $8,000 0%/15%/20% gain. Which of the following is correct: Group of answer choices None of the above. The net capital gain is composed of $1,000 25% gain and $8,000 0%/15%/20% gain. The net capital gain is composed of $2,000 25% gain and $7,000 0%/15%/20% gain. The net capital gain is composed of $5,000 28%...

  • A taxpayer is in the 32% tax bracket. He has a capital gain of $10,000 on...

    A taxpayer is in the 32% tax bracket. He has a capital gain of $10,000 on an asset held for eight months and sold on July 30, 2018. How much federal income tax will he owe on his capital gain? O A. $0 OB. $2,000 O C. $3,200 o D. $10,000

  • You are in an ordinary income tax bracket of 30% and capital gains tax bracket of...

    You are in an ordinary income tax bracket of 30% and capital gains tax bracket of 20 percent. Suppose you bought a Stock at the beginning of the year for $100 and sold it at the end of the year for $105. You also received $2.50 as dividend payments from this stock. What is your after-tax rate of return from this stock? Show all your calculations if you want partial credit.

  • If Julia Diaz is single and in the 35% tax bracket, calculate the tax impact of...

    If Julia Diaz is single and in the 35% tax bracket, calculate the tax impact of each of the following security transactions. (Use the IRS regulations for capital gains in effect in 2018.) EXHIBIT 3.2 Capital Gains Tax as of 2018 Short-term gains from the sale or exchange of property investment assets not used in a business) and held for less than 12 months are taxed at the same rates as ordinary income (10%, 12%, 22%, 24%, 32%, 35%, and...

  • During the tax year 2013, Chris had the following capital gains and losses. $5,000 loss from...

    During the tax year 2013, Chris had the following capital gains and losses. $5,000 loss from the sale of shares of Big Box, Inc. that he bought in February 2013 and sold on the last day of the year $6,000 loss from the sale of Microstrategy stock that he purchased in December 2008 a $10,000 unrecaptured Section 1250 gain from the sale of real estate a gain of $4,000 from the sale of collectibles that he had owned since 1994...

  • If Olivia Garcia is single and in the 33% tax bracket, calculate the tax associated with...

    If Olivia Garcia is single and in the 33% tax bracket, calculate the tax associated with each of the following transactions. (Use the IRS regulations for capital gains in effect in 2014.) EXHIBIT 3.2 Capital Gains Tax Categories as of 2014 Capital gains tax rates are as low as 0 percent for low-income or as high as 28 percent for higher income levels and certain types of assets, so long as the holding period is more than 12 months. Tax...

  • If Olivia Garcia is single and in the 25% tax bracket, calculate the tax associated with each of ...

    If Olivia Garcia is single and in the 25% tax bracket, calculate the tax associated with each of the following transactions. (Use the IRS regulations for capital gains in effect in 2014.) EXHIBIT 3.2  Capital Gains Tax Categories as of 2014 Capital gains tax rates are as low as 0 percent for low-income or as high as 28 percent for higher income levels and certain types of assets, so long as the holding period is more than 12 months. Holding...

  • During 2020, Jackson, who is single, had the following capital gains and losses: Gain from the...

    During 2020, Jackson, who is single, had the following capital gains and losses: Gain from the sale of a coin collection (held 3 years) $ 5,000 Gain from the sale of LMN stock held as an investment (held 6 years) 4,000 Gain from the sale of ABC stock held as an investment (held 10 months) 1,000 Loss from the sale of XYZ stock held as an investment (held 11 months) 3,000 ow much is Jackson's total tax liability for these...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT