Question
In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items
In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply. a. 10; 20
b. 20; 28
c. 15; 25
d. 25; 28
In November 2019, Ben and Betty (married, filing jointly) have a long-term capital gain of $54,000 on the sale of stock. They have no other capital gains and losses for the year. Their ordinary income for the year after the standard deduction is $72,500, making their total taxable income for the year $126,500 ($72,500 1 $54,000). In 2019, married taxpayers pay 0 percent on long-term gains up to $78,750. What will be their 2019 total tax liability assuming a tax of $8,315 on the $72,500 of ordinary income?
a. $8,322
b. $15,717
c. $15,478
d. $19,712
Harold, a single taxpayer, has $30,000 of ordinary income after the standard deduction, and $10,000 in long-term capital gains, for total taxable income of $40,000. For 2019, single taxpayers pay 0 percent on long-term gains up to $39,375. Assuming a tax of $3,409 on the $30,000 of ordinary income, what is Harolds tax?
a. $3,413
b. $3,503
c. $3,623
d. $4,094
e. $4,815
In 2019, Tim, a single taxpayer, has ordinary income of $29,000. Also, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tims AGI for 2019? a. $26,000
b. $27,000
c. $29,000
d. $32,000
Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2019 for $190,000. Oscars basis in the residence is $45,000, and his selling expenses are $11,000. If Oscar does not buy a new residence, what is the taxable gain on the sale of his residence?
a. $145,000
b. $134,000
c. $45,000
d. $9,000
e. $0
Jim, a single taxpayer, bought his home 20 years ago for $25,000. He has lived in the home continuously since he purchased it. In 2019, he sells his home for $300,000. What is Jims taxable gain on the sale?
a. $0
b. $25,000
c. $125,000
d. $275,000
Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the home continuously since she purchased it. In 2019, she sells her home for $200,000. What is Susans taxable gain on the sale? a. $0
b. $20,000
c. $250,000
d. $170,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started