Greg Murphy is a California resident. He is 35 years old and a single taxpayer. In 2022, he has salary of $36,000, U.S. Treasury interest income of $700, and dividend income of $600. Also, Greg uses the standard deduction for both Federal and California tax purposes. What is Greg's California standard deduction? A. $0 B. $1,150 C. $5,202 D. $10,404

Q: Marcus a single taxpayer has taxable income of $60,000.  Using the US 2020 tax rate schedule.  How…

A: Taxable Income: Taxable income is the amount of a person's gross income that the government deems…

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A: As an investor, you may owe an additional 3.8% tax called net investment income tax (NIIT). But…

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A: SE termed as Self employment tax which is the tax imposed on SE individuals as well as small…

Q: Based on this information, Jennifer's total federal tax credits for 2023 will be:

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Q: 1. Chuck, a single taxpayer, earns $76,400 in taxable income and $11,500 in interest from an…

A: Tax rate schedule for 2023:

Q: s his current marginal tax rate?

A:

Q: ne, a married couple filing a joint tax return, had taxable income of $145,000 for 2021. They have…

A: Marginal Tax - The tax rate applied to the subsequent dollar of income is known as the marginal tax…

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A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

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A: After Tax Cash Flow (ATCF): It refers to the ability of any individual or business to generate funds…

Q: None

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.