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capital gains, and $1,592 in short term capital gains. What are Joey's taxes on this investment?

capital gains, and $1,592 in short term capital gains. What are Joey's taxes on this investment?

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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D3)
Joey pays 15% in dividends and capital gain taxes and 40% in ordinary income taxes. In January, she purchased 600 shares of a no-load mutual fund for $29.61 a share with the provision that all distributions are reinvested. In October, she sold 300 shares for $59.32. At the end of the year, she received a statement stating the fund had distributions to her of $228 in qualified dividend income, $1,393 in long-term capital gains, and $1,592 in short term capital gains. What are Joey's taxes on this investment? Round the answer to two decimals Your Answer: Answer
Transcribed Image Text:Joey pays 15% in dividends and capital gain taxes and 40% in ordinary income taxes. In January, she purchased 600 shares of a no-load mutual fund for $29.61 a share with the provision that all distributions are reinvested. In October, she sold 300 shares for $59.32. At the end of the year, she received a statement stating the fund had distributions to her of $228 in qualified dividend income, $1,393 in long-term capital gains, and $1,592 in short term capital gains. What are Joey's taxes on this investment? Round the answer to two decimals Your Answer: Answer
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