Assume Jay needs cash for some home improvements and decides to sell 100 shares of Exxon Mobil stock. If Jay earns an annual salary of $215,000, and is a single taxpayer, what amount will he owe in Federal Capital Gains Income Taxes on this sale in 2018?

Note: you will need to use the 2018 Federal Income Tax Table that was uploaded to Module 8 to answer this question.

$0

$1,106.25

$1,386.50

$1,475.00

$2,581.25

2018 Individual Income Tax Rates Long Term Gains taxed at 0%, 1 5% or 20% (TCJA)" Long-Term Capital Gains Tax Rate Ordinary Income Marginal Tax Bracket Tax Rate Single MF Marginal Rate 10% 12% 22% 24% 32% 35% 37% Single $0 $9,525 $9,526-$38,700 $38,701-$82,500 $82,501-$157,500 $157,501- $200,000 $200,001- $500,000 $500,000 MFJ $0 - $19,050 $19,051-$77,040 $77,041- $165,000 $165,001- $315,000 315,001-$400,000 $400,001- $600,000 $600,000 0% 0% 15% 15% 15% 15% 20% $O - $38,600 $0 $77,200 $38,601 . $425,800 $77,201 $479,000 >$425,800 >$479,000 *Excludes 3.8% NIT on unearned income > $200K (single) and > $250,000 (MFJ) Description QuantityFMVCostAnnBa Investment Returns 2014 2012 2013 2015 2016 ADI's Basis2 Income/share Boeing 400 shs. $126,928.00 $9,000 $6.84| 1.59| 5.14% | 83.69% | -2.63% | 14.04% | 10.69% | 92.15% Exxon Mobil (XOM) 1,000 shs.$77,565.00 $4,000 $3.28 | 0.69| 4.68% | 19.77% | -5.98% | -12.57% | 19.62% | -4.86%