what will happen to my taxes... You received the following letter from your client: December 1,...
what will happen to my taxes...
You received the following letter from your client:
December 1, 2018
Hello dear friend and tax adviser:
It will be time to file my 2018 tax return before we know it! This year I purchased 300 shares of stock in Imagine Corporation for $125 per share, and the stock is doing well. I am thinking of selling before year end, now that the stock price has reached $180 per share. Is there any reason to wait and sell later? If I don’t sell in 2018, I am worried that the stock price may go down due to competition in the Imagine market. It may go as low as $120 per share. My taxable income this year and next year is projected to be $40,000, excluding any stock sale. This puts me in the 22% bracket. Any suggestions on what I should do? Please explain to me clearly what will happen to my taxes if I sell in 2018, or if I sell in 2019.
please, help me in this task:
Homework Answers
| Year | 2018 | 2019 | ||||
| projected taxable income | 40000 | 40000 | ||||
| income on stock sale | 16500 | 36000 | ||||
| taxable income | 56500 | 76000 | ||||
| tax @22% | 12430 | 16720 | ||||
| income after tax | 44070 | 59280 | ||||
| So, tax is low in 2018, but income is more in 2019 | ||||||
|
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9. For this question only, assume you sold all of your stock on
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(8%)
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