Single filers |
|
Income |
LTCG Tax Rate |
$0 to $39,375 | 0% |
$39,376 to $434,550 | 15% |
$434,551 or more | 20% |
Taxable Income | $ 575,000 |
Ordinary Income | $ 25,000 |
Tax on Ordinary Income | $ 2,806 |
970+(25000-9700)*12% |
Income | Rate | Tax |
Tax on Ordinary Income | $ 2,806.00 | |
$ 14,375 | 0% | $ - |
$ 395,175 | 15% | $ 59,276.25 |
$ 140,450 | 20% | $ 28,090.00 |
$ 90,172.25 | ||
Income | Rate | Tax |
Tax on Ordinary Income | $ 2,806.00 | |
39375-25000 | 0% | $ - |
434550-39375 | 15% | $ 59,276.25 |
550000-14375-395175 | 20% | $ 28,090.00 |
$ 90,172.25 |
i need some explanation TAXPAYERS WITH LARGE LONG-TERM CAPITAL GAIN AND/OR DIVIDEND INCOME WHO FALL INTO...
Mr. Fox, a single taxpayer, recognized a $64,000 long-term capital gain, a $14,300 short-term capital gain, and a $12,900 long-term capital loss. Compute Mr. Fox's income tax and Medicare contribution tax if his taxable income before consideration of his capital transactions is $441,000. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Tax on ordinary income Tax on income taxed at...
Mr. Fox, a single taxpayer, recognized a $64,000 long-term capital gain, a $14,300 short-term capital gain, and a $12,900 long-term capital loss. Compute Mr. Fox’s income tax and Medicare contribution tax if his taxable income before consideration of his capital transactions is $421,000. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)
In November 2019, Ben and Betty (married filing jointly) have a long term capital gain of $54000 on the sale of stock. They have no other capital gains and losses for the year. Their ordinary income for the year after the standard deduction is $72500, making their total taxable income for the year $126,500 (72500 + 54000). In 2019, married taxpayers pay 0 percent on long term gains up to $78,750. What will be their 2019 total tax liability assuming...
TRUE OR FALSE: for the year, lonnie earned interest income, qualified dividend income, and long-term capital gains. among these items, interest income and long-term capital gains are taxed at preferential capital gains rates and dividend income is taxed at ordinary rates
TRUE OR FALSE? 0. A "C" corporation pays tax on long term capital gain income at a lower rate than the tax on ordinary income. 7. "C"corporations must use the CASH method of accounting. 8 An individual charahaldar rannsinsvarlar dividend from a corneration's
23. In 2019, Satesh has 55.000 short-term capital , 513.000 NVISN20% long-term capital gain, and $7,000 qualified dividend income Satesh is single and has other table income of S15.000. Which of the following statements is correct? No more than 13.000 of Sath e income istened b. No more than 57.000 of Seti able income isted 0% c. No more than $15.000 of Salesistable income is taxed at 0% d. None of Satesh's taxable income is taxed 0% e. All of...
Jillian, a single taxpayer, has a net long-term capital gain for the year and it is all made up of 25% long-term capital gain. She has positive taxable income for the year. Which of the following i not a positive tax rate that could be applied in taxing this gain as part of her taxable income? A) 0% B) 15% C) 20% D) 25% E) A. and C.
Harold, a single taxpayer, has 30000 of ordinary income after the standard deduction, and 10000 in long term capital gains, for total taxable income of 40000. For 2019, single taxpayers pay 0 percent on long term gains up to 39375. Assuming a tax of 3409 on the 30000 of ordinary income, what is harold's tax?
The Booth Corporation, a C corporation, is owned 100% by Ralph Hill and had taxable income in 2019 of $550,000. Ralph is also an employee of the corporation. In December 2019, the corporation has decided to distribute $460,000 to Ralph and has asked you whether it would be better to distribute the money as a dividend or salary. Ralph, a single taxpayer, is in the 37% marginal tax bracket. How would you respond to Booth Corporation? Consider only income taxes...
In 2019, an individual taxpayer has $863,000 of taxable income that includes $48,000 of 0%/15%/20% long-term capital gain. Which of the following statements is correct? a. All of the LTCG will be taxed at 20%. b. All of the LTCG will be taxed at 0%. C. All of the LTCG will be taxed at 15%. Od. Some of the LTCG will be taxed at 15% and some at 20%. le. None of these choices are correct.