Harold, a single taxpayer, has 30000 of ordinary income after the standard deduction, and 10000 in...
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?
Homework Answers
Harold's Tax will be $3,409.
Explanation:- As per IRS, Long term capital gain will be 0%, if the Taxable Income(i.e, before including Long term Capital Gain is below $39,376). However, in the above scenario Harold's taxable income is $30,000, i.e below $39,376. So there will be no Long term capital Gain on $10,000 for Harold.
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