An investor is in the 33% tax bracket solve this general accounting question An investor is in the 33% tax bracket and pays long-term capital gains taxes of 15%. What are the taxesowed in the current tax year for the net short-termcapital gains of $3,000 and for the net long-termcapital gains of $4,000?

Step 1: Define Capital GainCapital gain is a profit on an asset that is caused by an increase in the…

Answered: An investor is in the 33% tax bracket…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 11P

See similar textbooks

Similar questions

Given that your gross income for 2020 was $180,000 and your taxable income was $140,000. Calculate: a. the marginal tax rate b. the average tax rate c. the effective tax rate. SHOW WORK
Billy is reviewing his investment transactions for the year and determines he has net short-term capital gains of $9,200 and net long-term capital losses of $6,200. Below is Billy's tax information: Billy"s tax bracket = 25% !3! Long-term capital Gains tax rate 15% On the above situation, what are the taxes owed (or saved) in the current tax year for Billy ? Enter your answer below as a whole number and without any $ signs. 24
6. You have a taxable income of $35,600. a. Use the 2020 federal tax tables to determine your tax liability given your filing status. b. What is your marginal tax rate? c. What is your average tax rate? d. You had $4400 withheld from your paychecks for federal taxes. When you file your return will you have a refund or owe money? How much?
Use the following information to calculate the federal average tax rate (ignore tax credits) for a taxpayer who earned $115,000 from employment, and where bonds were sold for $20,000 during the year that originally cost $10,000: Taxable income Up to $47,630 On the next $47,629 On the next $52,408 On the next $62,704 Over $210,371 Select one: Tax Rate 15% 20.5% Based on the above, the average tax rate (ATR) is closest to: a. 19.15% b. 19,45% c. 20.5% d. 26.0% 26% 29% 33%
What is the amount of Taxes Owed for the period if the tax rate is 30%, if Earnings Before Taxes ( a.k.a. EBT, or pre-tax earnings) is 250,000?
If the tax rates are 15% on the first $50,000 of taxable income, and 20% on the next $25,000, and 25% on the next $25,000, what is the tax liability for an individual with $80,000 of taxable income, what is the marginal tax rate, and what is the average tax rate ? a. $10,250, 15%, and 20% b. $25,122, 22%, and 16% c. $11,345, 15%, and 34% d. $13,750, 25%, and 17.19%
"Your company will generate $470,000 in taxable income for 2020. Assume that your state tax rate is 7% and your federal tax rate is 21%. How much federal tax do you owe?"
An individual investor is subject to a 30 percent tax on dividends and 20 percent tax on capital gains, what is the effective tax rate for the investor? 10% O 13% 14%
A taxpayer received the following during 2021: A $7,000 eligible dividend, a $2,000 non-eligible dividend, and a foreign dividend (before withholding tax) of $500. The withholding tax rate was 10%. The taxpayer has a marginal tax rate of 30%. How much dividend income will the taxpayer report in 2021? O a. $9,500 O b. $11,366 O c. $12,460 O d. $2,850
A taxable investment produced interest earnings of $2,800. A person in a 26 percent tax bracket would have after-tax earnings of: (Round your answer to the nearest whole number.) Multiple Choice $2,800. $728. $1,347. $2,072. $2,285.
Suppose your principal investment is $1800 and you have a nominal interest rate of 6.5%. what is your nominal interest income? Presume you are taxed at the 22% tax rate, who much will you pay in taxes and what is your after tax nominal income? Presume inflation was 2.7% during the year, what is the loss of principal due to inflation? What is your real interest income? What is after-tax real interest income?
Suppose your annual income is $29182 and there are two tax brackets: 10% for $0-$20,000 and 30% for everything above $20,000. What percentage of your income will you pay in taxes? Enter your answer in decimal.

SEE MORE QUESTIONS

Recommended textbooks for you

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Intermediate Financial Management (MindTap Course…

Finance

ISBN:

9781337395083

Author:

Eugene F. Brigham, Phillip R. Daves

Publisher:

Cengage Learning

SWFT Essntl Tax Individ/Bus Entities 2020

Accounting

ISBN:

9780357391266

Author:

Nellen

Publisher:

Cengage

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Intermediate Financial Management (MindTap Course…

Finance

ISBN:

9781337395083

Author:

Eugene F. Brigham, Phillip R. Daves

Publisher:

Cengage Learning

Individual Income Taxes

Accounting

ISBN:

9780357109731

Author:

Hoffman

Publisher:

CENGAGE LEARNING - CONSIGNMENT

SEE MORE TEXTBOOKS

An investor is in the 33% tax bracket and pays long- term capital gains taxes of 15%. What are the taxes owed in the current tax year for the net short-term capital gains of $3,000 and for the net long-term capital gains of $4,000?