???????? Gregory and Brenda Morris, filing 1040 ?????? ?????? married, filing jointly ?????????? 2 children ????? ???????? $5,300 ?????? Mr. Morris: $32,000 Mrs. Morris: $20,000 Interest income: $500 Bonus for Mr. Morris: $4,000 ??????????: ● Medical expenses: Drugs: $400 Hospitalization insurance: $1,000 Doctor bills: $2,000 Dentist bills: $1,600 Eyeglasses: $200 Medical supplies: $800 ● Interest expenses: Home mortgage: $6,000 ● Contributions: Calvary Church: $5,000 Oakdale Children's Home: $1,000   1a) How many exemptions are allowed? 1b)What is the adjusted gross income? and How much is the medical deduction? 1c)How much is the deduction for contributions? 1d)How much is the taxable income? Do they owe additional taxes, or do they get a refund? How much?

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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.