1 answer

If Olivia Garcia is single and in the 33% tax bracket, calculate the tax associated with...

Question:

If Olivia Garcia is single and in the 33% tax bracket, calculate the tax associated with each of the following transactions. (Use the IRS regulations for capital gains in effect in 2014.)

She sold stock for $3,000 that she purchased for $2,500 6 months earlier. Round the answer to the nearest cent. Tax savings should be preceded by a "-" sign.


Answers

Sales Price $3,000
Less:Purchase Price $2,500
Capital Gain $500

Tax Due=$500*33%=$500*0.33=$165

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