Homework Answers
Answer:
Option D : $45,650
Explanation:
Given,
Operating Income = $425,000
Operating Expenses = $280,000
Net Operating Income=Operating Income -Operating Expenses
= $425,000 - $280,000
= $145,000
Also given ,
Short-term Capital Loss = $10,000
Long-term Capital Gain = $25,000
Net Capital Gain = Long-term Capital Gain - Short-term Capital Loss
= $25,000 - $10,000
= $15,000
Taxable Income = Net Operating Income + Net Capital Gain
= $145,000 + $15,000
= $160,000
Total Tax Liability = Tax on $100,000 + Tax on ($160,000 - $100,000)@ 39%
= $22,250 + $23,400
= $45,650
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