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1) In 2016 Kiran sold, for $450,000, the house where he and his family had lived for the last seven years. He bought the house for $300,000 in 2012. Kiran is in the 26% income tax bracket. How much tax, if any, he had to pay on the gain for selling his house? Select one: 0 a $7.000

1) In 2016 Kiran sold, for $450,000, the house where he and his family had lived for the last seven years. He bought the house for $300,000 in 2012. Kiran is in the 26% income tax bracket. How much tax, if any, he had to pay on the gain for selling his house? Select one: 0 a $7.000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1) In 2016 Kiran sold, for $450,000, the house where he and his family had lived for the last seven years. He bought the house for $300,000 in 2012. Kiran is in the 26% income tax bracket. How much tax, if any, he had to pay on the gain for selling his house? Select one: O a. $7,000 O b. $19,500 O c. $39,000 O d. None of these amount is correct 2) Jason, in Mississauga, Ontario owns 500 shares in Nirvana Healthcare, a pharmaceutical company, located in Buffalo, New York. The company recently declared and paid dividend of $1.50/ share. Assuming Jason's marginal tax rate is 22%, approximately how much tax he has to pay on this dividend income? Select one: O a. $24 O b. $0 O c. None of these is correct O d. $55 O e. $38 3) Besides using fund for a down-payment when purchasing a house for 1st time, one can also withdraw fund from RRSP without paying withholding tax for which of the following: Select one: O a. Paying for medical expenses O b. Paying for lifelong learning expenses O c. Paying for traveling expenses O d. Paying for moving expenses
Transcribed Image Text:1) In 2016 Kiran sold, for $450,000, the house where he and his family had lived for the last seven years. He bought the house for $300,000 in 2012. Kiran is in the 26% income tax bracket. How much tax, if any, he had to pay on the gain for selling his house? Select one: O a. $7,000 O b. $19,500 O c. $39,000 O d. None of these amount is correct 2) Jason, in Mississauga, Ontario owns 500 shares in Nirvana Healthcare, a pharmaceutical company, located in Buffalo, New York. The company recently declared and paid dividend of $1.50/ share. Assuming Jason's marginal tax rate is 22%, approximately how much tax he has to pay on this dividend income? Select one: O a. $24 O b. $0 O c. None of these is correct O d. $55 O e. $38 3) Besides using fund for a down-payment when purchasing a house for 1st time, one can also withdraw fund from RRSP without paying withholding tax for which of the following: Select one: O a. Paying for medical expenses O b. Paying for lifelong learning expenses O c. Paying for traveling expenses O d. Paying for moving expenses
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