The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7). Brock, age 50, and Erin, age 49, are married with three dependent children. They file a joint return for 2022. Their income from salaries totals $50,000, and they received $8,000 in taxable interest, $5,000 in royalties, and $3,000 in other ordinary income. Brock and Erin's deductions for adjusted gross income amount to $2,500, and they have itemized deductions. totaling $27,000. Table for the standard deduction Filing Status Single Married, filing jointly Married, filing separately Head of household Surviving spouse Standard Deduction Click here to access the tax tables. Calculate the following amounts: a. Gross income $12,950 25,900 12,950 19,400 25,900 b. Adjusted gross income c. Itemized deduction or standard deduction amount d. Taxable income e. Income tax liability (before any credits) 66,000 63,500 ✔ 37,600 X

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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.