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Aram's taxable income before considering capital gains and losses is $60,000. Determine Aram's taxable income and how much of the income will be taxed
Aram's taxable income before considering capital gains and losses is $60,000. Determine Aram's taxable income and how much of the income will be taxed at ordinary rates in each of the following alternative scenarios (assume Aram files as a single taxpayer). Required: a. Aram sold a capital asset that he owned for more than one year for a $5,000 gain, a capital asset that he owned for more than one year for a $500 loss, a capital asset that he owned for six months for a $1,200 gain, and a capital asset he owned for two months for a $900 loss. b. Aram sold a capital asset that he owned for more than one year for a $2,000 gain, a capital asset that he owned for more than one year for a $2,500 loss, a capital asset that he owned for six months for a $200 gain, and a capital asset he owned for two months for a $1,900 loss. c. Aram sold a capital asset that he owned for more than one year for a $2,500 loss, a capital asset that he owned for six months for a $4,200 gain, and a capital asset he owned for two months for a $300 loss. d. Aram sold a capital asset that he owned for more than one year for a $3,000 gain, a capital asset that he owned for more than one year for a $300 loss, a capital asset that he owned for six months for a $200 gain, and a capital asset he owned for two months for a $1,900 loss. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Aram sold a capital asset that he owned for more than one year for a $5,000 gain, a capital asset that he owned for more than one year for a $500 loss, a capital asset that he owned for six months for a $1,200 gain, and a capital asset he owned for two months for a $900 loss. Taxable income Income taxed at ordinary rates < Required A Required B > Required A Required B Required C Required D Aram sold a capital asset that he owned for more than one year for a $2,000 gain, a capital asset that he owned for more than one year for a $2,500 loss, a capital asset that he owned for six months for a $200 gain, and a capital asset he owned for two months for a $1,900 loss. Taxable income Income taxed at ordinary rates < Required A Required C > Required A Required B Required C Required D Aram sold a capital asset that he owned for more than one year for a $2,500 loss, a capital asset that he owned for six months for a $4,200 gain, and a capital asset he owned for two months for a $300 loss. Taxable income Income taxed at ordinary rates < Required B Required D > Required A Required B Required C Required D Aram sold a capital asset that he owned for more than one year for a $3,000 gain, a capital asset that he owned for more than one year for a $300 loss, a capital asset that he owned for six months for a $200 gain, and a capital asset he owned for two months for a $1,900 loss. Taxable income Income taxed at ordinary rates < Required C Required D > 2022 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over:|| $ 0 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $ 539,900 $ 10,275 $ 41,775 $ 89,075 $ 170,050 $ 215,950 $539,900 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $49,335.50 plus 35% of the excess over $215,950 $162,718 plus 37% of the excess over $539,900 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 0 $ 20,550 $ 83,550 $ 178,150 $ 340,100 $ 431,900 $ 647,850 $ 20,550 $ 83,550 $178,150 $340,100 $ 431,900 $ 647,850 The tax is: 10% of taxable income $2,055 plus 12% of the excess over $20,550 $9,615 plus 22% of the excess over $83,550 $30,427 plus 24% of the excess over $178,150 $69,295 plus 32% of the excess over $340,100 $98,671 plus 35% of the excess over $431,900 $174,253.50 plus 37% of the excess over $647,850 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,650 $ 14,650 $ 55,900 $ 55,900 $ 89,050 $ 89,050 $ 170,050 $ 215,950 $539,900 $ 170,050 $ 215,950 $539,900 - The tax is: 10% of taxable income $1,465 plus 12% of the excess over $14,650 $6,415 plus 22% of the excess over $55,900 $13,708 plus 24% of the excess over $89,050 $33,148 plus 32% of the excess over $170,050 $47,836 plus 35% of the excess over $215,950 $161,218.50 plus 37% of the excess over $539,900 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 0 $ 10,275 $ 41,775 $ 89,075 $ 10,275 $ 41,775 $ 89,075 $170,050 The tax is: 10% of taxable income $1,027.50 plus 12% of the excess over $10,275 $4,807.50 plus 22% of the excess over $41,775 $15,213.50 plus 24% of the excess over $89,075 $34,647.50 plus 32% of the excess over $170,050 $323,925 || $49,335.50 plus 35% of the excess over $215,950 $87,126.75 plus 37% of the excess over $323,925 $ 170,050 $ 215,950 $ 215,950 $ 323,925
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