Homework Answers
Answer 24) Option C (All the LTCG will be taxed at 20%)
Topic No. 409 Capital Gains and Losses
A 20% tax rate on net capital gain applies to the extent that a taxpayer's taxable income exceeds the thresholds set for the 37% ordinary tax rate ($425,800 for single; $479,000 for married filing jointly or qualifying widow(er); $452,400 for head of household, and $239,500 for married filing separately).
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income that includes $48,000 of WWI5W/20% long-term S 24. In 2019. an individual taxaver has 5863 000 of taxable in...
In 2019, an individual taxpayer has $863,000 of taxable income that includes $48,000 of 0%/15%/20% long-term...
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.
In 2020 Fong and Wong are married and file jointly. They have fasable income of $85.000...
In 2020 Fong and Wong are married and file jointly. They have fasable income of $85.000 which includes a long-term capital gain of $10,000 Which of the following is true Select one: O a. Some of the LTCG will be taxed at a rate of 0% and some of the LTCG will be taxed at a rate of 15% O b. All of the LTCG will be taxed at a rate of 15% O c. Some of the LTCG will...
23. In 2019, Satesh has 55.000 short-term capital , 513.000 NVISN20% long-term capital gain, and $7,000...
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...
25. Cason is filing as single and has 2019 taxable income of $36,000 which includes $34,000...
25. Cason is filing as single and has 2019 taxable income of $36,000 which includes $34,000 0%/ 15 % / 20% net long-term MID capital gain. What is his tax on taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. FA a. 50 b. $200 c. 5300 d. $4924 e. None of these.
i need some explanation TAXPAYERS WITH LARGE LONG-TERM CAPITAL GAIN AND/OR DIVIDEND INCOME WHO FALL INTO...
i need some explanation
TAXPAYERS WITH LARGE LONG-TERM CAPITAL GAIN AND/OR DIVIDEND INCOME WHO FALL INTO THE 37% BRACKET IN 2019 A single taxpayer with $575,000 of total taxable income in 2019 has $25,000 of ordinary income but $550,000 of long-term capital gain and qualified dividend income from a vast array of investments. The taxpayer's 2019 federal income tax liability is: 1. Tax on $25,000 ordinary income at single rates.................$2,806 2. Tax on $14,375 of LTCG/dividends at 0%........................... 0 3....
Henrich is a single taxpayer. In 2019, his taxable income is 461000. What is his income...
Henrich is a single taxpayer. In 2019, his taxable income is 461000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. c. His 461000 of taxable income includes 61000 of long-term capital gain that is taxed at preferential rates Income tax------- Net investment income tax ------- Total tax liability --------- Please explain how you get the...
Sara is filing as head of household and has 2018 taxable income of $57,000 which includes...
Sara is filing as head of household and has 2018 taxable income of $57,000 which includes $3,000 of net long-tem capital gain. The net long-term capital gain is made up of $1,000 25% gain and $2,000 0%/15%/20% gain. What is the tax on her taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. The answer is $6,948. Please show the steps to come up with this answer.
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019,...
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019, his taxable income is $453,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank Enter zero if applicable.) A. His $453,000 of taxable income...
Jay owns 100% of Kaye Company. In 2018, Kaye Company recognizes a long-term capital gain (LTCG)...
Jay owns 100% of Kaye Company. In 2018, Kaye Company recognizes a long-term capital gain (LTCG) of $100,000. Kaye Company has no other income or loss. Assume that Jay, an individual, has $100,000 of taxable income (excluding any income associated with Kaye Company); therefore his marginal rate of taxation is 24%. Jay has no recognized capital gains or losses in 2018. How much tax will Kaye Company owe on the $100,000 LTCG assuming that Kaye is a corporation?
Jamie is single. In 2019, she reported $101,000 of taxable income, including a long-term capital gain...
Jamie is single. In 2019, she reported $101,000 of taxable income, including a long-term capital gain of $5100. What is her gross tax liability, rounded to the nearest whole dollar amount?
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.
In 2020 Fong and Wong are married and file jointly. They have fasable income of $85.000 which includes a long-term capital gain of $10,000 Which of the following is true Select one: O a. Some of the LTCG will be taxed at a rate of 0% and some of the LTCG will be taxed at a rate of 15% O b. All of the LTCG will be taxed at a rate of 15% O c. Some of the LTCG will...
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...
25. Cason is filing as single and has 2019 taxable income of $36,000 which includes $34,000 0%/ 15 % / 20% net long-term MID capital gain. What is his tax on taxable income using the alternative tax method? Note: Use the tax rate schedule rather than the tax table. FA a. 50 b. $200 c. 5300 d. $4924 e. None of these.
i need some explanation
TAXPAYERS WITH LARGE LONG-TERM CAPITAL GAIN AND/OR DIVIDEND INCOME WHO FALL INTO THE 37% BRACKET IN 2019 A single taxpayer with $575,000 of total taxable income in 2019 has $25,000 of ordinary income but $550,000 of long-term capital gain and qualified dividend income from a vast array of investments. The taxpayer's 2019 federal income tax liability is: 1. Tax on $25,000 ordinary income at single rates.................$2,806 2. Tax on $14,375 of LTCG/dividends at 0%........................... 0 3....
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019, his taxable income is $453,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank Enter zero if applicable.) A. His $453,000 of taxable income...
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