You just sold your comic book collection that you had worked on for the past ten...
You just sold your comic book collection that you had worked on for the past ten years for a capital gain of $7,500. Assuming you are in the 12 percent marginal tax bracket, how much federal income tax will be due on this gain?
| a. |
$0 |
|
| b. |
$1,125 |
|
| c. |
$375 |
|
| d. |
$750 |
Homework Answers
correct answer is Option A , 0
- According to the 2020 federal income tax bracket, 12% of marginal tax bracket's range from $9,876 to $40,125 on a single person
- $7500 marginal tax bracket includes $0 to $9,875 range on 10%
so, 0 federal income tax be due on this gain
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