r. P is an unmarried individual with no dependent children. He reports the following information. Assume the taxable year is 2017. UseIndividual Tax Rate Schedules and Standard Deduction Table.         Wages $ 65,000 Schedule C net profit   11,650 Interest from savings account   500 Self-employment Tax on Schedule C net profit   1,646     Assuming that Mr. P’s itemized deductions total $5,000, compute AGI and taxable income. Assuming that Mr. P’s itemized deductions total $9,000, compute AGI and taxable income.

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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.