In October 2020, Jack, a single taxpayer, sold IBM stock for $12,000, which he purchased 4 years ago for $4,000. He also sold GM stock for $14,000, which cost $17,500 3 years ago, and he had a short-term capital loss of $1,800 on the sale of land.   The tax rates on long-term capital gains are as follows:   Income Level Long-Term Capital Gains Rates Married filing jointly   $0–$80,000 0% $80,001–$496,600 15% > $496,600 20% Single   $0–$40,000 0% $40,001–$441,450 15% > $441,450 20% Head of household   $0–$53,600 0% $53,601–$469,050 15% > $469,050 20%   If Jack's other taxable income (salary) is $78,000, what is the amount of Jack's tax on these capital transactions? $fill in the blank 1

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In October 2020, Jack, a single taxpayer, sold IBM stock for $12,000, which he purchased 4 years ago for $4,000. He also sold GM stock for $14,000, which cost $17,500 3 years ago, and he had a short-term capital loss of $1,800 on the sale of land.

 

The tax rates on long-term capital gains are as follows:

 

Income Level
Long-Term
Capital Gains Rates
Married filing jointly  
$0–$80,000 0%
$80,001–$496,600 15%
> $496,600 20%
Single  
$0–$40,000 0%
$40,001–$441,450 15%
> $441,450 20%
Head of household  
$0–$53,600 0%
$53,601–$469,050 15%
> $469,050 20%

 

If Jack's other taxable income (salary) is $78,000, what is the amount of Jack's tax on these capital transactions?
$fill in the blank 1

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