Homework Answers
The sale of stocks during the current year will result in net capital gain of 40,000 -10,000 = $ 30,000.
The tax status of Carrie is individual.
Adjusted taxable income = 30,000 +150,000 =$ 180,000
The taxable income limit still falls in the tax bracket of 15%.
Hence, the net capital gain of $ 30,000 will have additional 15 % tax as $ 4500.
So, stock transactions will increase her tax liability by $ 4500.
Add Answer to:
58. Carrie, a single individual has two sales of stock during the current year. The first...
8. Jane files as a single individual in 2018. She has wage income of $150,000; long-term...
8. Jane files as a single individual in 2018. She has wage income of $150,000; long-term capital gains of $20,000; short-term capital losses of $2,000; ordinary cash dividends of $3,000; qualifying cash dividends of $6,000; stock dividends worth $5,000; deductions for AGI(Adjusted Gross Income) of $10,000; itemized deductions of $10,000; credits of $500; and estimated tax payments and withholding of $30,000. Jane's applicable standard deduction is $12,000. Using the appropriate tax schedule, compute hertax due or refund. [Note-for credit, you...
10. Kirby, a single taxpayer, has taxable income of $30,000 and payer, has taxable income of $30,000 and is in the...
10. Kirby, a single taxpayer, has taxable income of $30,000 and payer, has taxable income of $30,000 and is in the 12% tax bracket. During 2019, she had the following capital asset transactions: $11,000 10,000 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investment Kirby's tax consequences from these gains are as follows: a. (5% * $10,000) + (12% * $13,000). b....
Westwind Corporation reports the following results for the current year: Gross profit on sales  
Westwind Corporation reports the following results for the current year: Gross profit on sales $150,000 Long-term capital gain 8000 Long-term capital loss 15000 Western's income tax liability ? How would your answers to Part a change if Western'sshort-term capital loss is $5,000, instead of $2,000 ? short-term capital loss is $ 5 comma 000$5,000 instead of $ 2 comma 000$2,000? Short-term capital gain 10000 Short-term capital loss 2000 Operating expenses 61000 What are Westwind's taxable income and regular tax liability...
Objective Short Answer Individual ("T"), a single 29 year-old individual, U.S. citizen, not a dependent of...
Objective Short Answer Individual ("T"), a single 29 year-old individual, U.S. citizen, not a dependent of anyone else, earned $6,000 of wage income and $50,000 of net long-term capital gain recognized in 2019. What is I's Taxable Income for 2019? AND What is I's Tax Due in 2019 (excluding any payroll tax (FICA, FUTA etc...)
Income Concepts (LO. 4) Postum Partnership purchases a building in 2016 for $240,300. It deducts $5,250...
Income Concepts (LO. 4) Postum Partnership purchases a building in 2016 for $240,300. It deducts $5,250 in depreciation on the building in 2016, $6,000 in 2017, $6,000 in 2018, and $3,000 in 2019. It sells the building in 2019 for $250,700. What is the partnership's gain or loss on the sale of the building? The partnership's on the sale of the building is $ gain loss Income Concepts (10.4) Chelsea, who is single, purchases land for investment purposes in 2014...
2. (10 points) During the year, Brett has the following transactions: - Short-term capital loss.... .($12,000)...
2. (10 points) During the year, Brett has the following transactions: - Short-term capital loss.... .($12,000) Short-term capital gain ...... ........10,000 Short-term capital loss carryover from 3 years ago ... ....... (7,000) - Long-term capital gain (0/15/20 % basket). ........19,000 - Long-term capital loss (28% basket)...... .....(40,000) Brett files as a head of household and has taxable income of $130,000 for 2019. After netting these results, give the amount of Brett's allowable capital loss deduction for 2019 and the amount...
Poov 10. Kirby, a single tixrayer has taxable incor following capital asset transactions Tou bracket. During...
Poov 10. Kirby, a single tixrayer has taxable incor following capital asset transactions Tou bracket. During 2019, she had the me of 30,000 and is in the 1246 $11,000 10,000 2,000 MIDTER FALL 20 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investmen Kirby's tax consequences from these gains are as follows a. (5% * $10,000) + (12% S13,000). b. (12% *...
Problem 3-49 (LO. 8) During 2019, Chester (a married taxpayer filing a joint return) had the...
Problem 3-49 (LO. 8) During 2019, Chester (a married taxpayer filing a joint return) had the following transactions involving capital assets: Gain on the sale of an arrowhead collection (acquired as an investment at different times but all pieces have been held for more than 1 year) $6,000 Loss on the sale of IBM Corporation stock (purchased 11 months ago as an investment) (4,000) Gain on the sale of a city lot (acquired 5 years ago as an investment) 2,000...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive of capital gains and losses) $240,000 Long-term capital gain 22,000 Long-term capital loss (8,000) Short-term capital gain 19,000 Short-term capital loss (23,000) What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive of capital gains and losses) $240,000 Long-term capital gain 22,000 Long-term capital loss (8,000) Short-term capital gain 19,000 Short-term capital loss (23,000) What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's...
8. Jane files as a single individual in 2018. She has wage income of $150,000; long-term capital gains of $20,000; short-term capital losses of $2,000; ordinary cash dividends of $3,000; qualifying cash dividends of $6,000; stock dividends worth $5,000; deductions for AGI(Adjusted Gross Income) of $10,000; itemized deductions of $10,000; credits of $500; and estimated tax payments and withholding of $30,000. Jane's applicable standard deduction is $12,000. Using the appropriate tax schedule, compute hertax due or refund. [Note-for credit, you...
10. Kirby, a single taxpayer, has taxable income of $30,000 and payer, has taxable income of $30,000 and is in the 12% tax bracket. During 2019, she had the following capital asset transactions: $11,000 10,000 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investment Kirby's tax consequences from these gains are as follows: a. (5% * $10,000) + (12% * $13,000). b....
Objective Short Answer Individual ("T"), a single 29 year-old individual, U.S. citizen, not a dependent of anyone else, earned $6,000 of wage income and $50,000 of net long-term capital gain recognized in 2019. What is I's Taxable Income for 2019? AND What is I's Tax Due in 2019 (excluding any payroll tax (FICA, FUTA etc...)
Income Concepts (LO. 4) Postum Partnership purchases a building in 2016 for $240,300. It deducts $5,250 in depreciation on the building in 2016, $6,000 in 2017, $6,000 in 2018, and $3,000 in 2019. It sells the building in 2019 for $250,700. What is the partnership's gain or loss on the sale of the building? The partnership's on the sale of the building is $ gain loss Income Concepts (10.4) Chelsea, who is single, purchases land for investment purposes in 2014...
2. (10 points) During the year, Brett has the following transactions: - Short-term capital loss.... .($12,000) Short-term capital gain ...... ........10,000 Short-term capital loss carryover from 3 years ago ... ....... (7,000) - Long-term capital gain (0/15/20 % basket). ........19,000 - Long-term capital loss (28% basket)...... .....(40,000) Brett files as a head of household and has taxable income of $130,000 for 2019. After netting these results, give the amount of Brett's allowable capital loss deduction for 2019 and the amount...
Poov 10. Kirby, a single tixrayer has taxable incor following capital asset transactions Tou bracket. During 2019, she had the me of 30,000 and is in the 1246 $11,000 10,000 2,000 MIDTER FALL 20 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investmen Kirby's tax consequences from these gains are as follows a. (5% * $10,000) + (12% S13,000). b. (12% *...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive of capital gains and losses) $240,000 Long-term capital gain 22,000 Long-term capital loss (8,000) Short-term capital gain 19,000 Short-term capital loss (23,000) What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's...
58. LO.5 Elaine Case (single with no dependents) has the following transactions in 2019: AGI (exclusive of capital gains and losses) $240,000 Long-term capital gain 22,000 Long-term capital loss (8,000) Short-term capital gain 19,000 Short-term capital loss (23,000) What is Elaine's net capital gain or loss? Draft a letter to Elaine describing how the net capital gain or loss will be treated on her tax return. Assume that Elaine's income from other sources puts her in the 37% bracket. Elaine's...
Most questions answered within 3 hours.
-
Derive the long wavelength limit of the Planck energy density
distribution
asked 13 minutes ago -
Phosphorous + bromine = phosphorous tribromide. If 35.0 g of
bromine are reacted and 27.9 grams...
asked 24 minutes ago -
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 3 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 3 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 3 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 4 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 4 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 4 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 4 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 4 hours ago -
Create a button in Swift (Xcode) that will create a charge,
create a charge using Stripe's...
asked 4 hours ago -
The reaction rate of CO and NO2 in the reaction
CO(g) + NO2(g) → CO2(g) +...
asked 4 hours ago