Question

Use the tables to complete the statements,
Single Taxpayers: Income Brackets
Tax Rate Income Bracket
10%
O to 9,525
12% 9,526 to 38,700
22% 38,701 to 82,500
24% 82,501 to 157,500
32% 157,501 to 200,000
35% 200,001 to 500,000
37%
> 500,000
Single Taxpayers: Qualified
Dividends and Long-Term
Capital Gains
Tax Rate
Income Bracket
0%
O to 38,600
15% 38,601 to 425,800
20%
> 425,800
If she earned
Rita has a taxable income of $85,000. She sold stock after owning it for six months, resulting in a
$5,000 on the sale of the stock, Rita must pay $ In taxes on the gain,

Answer 1

Answer:

Short term Capital gain and $1200

Step-by-step explanation:

Any investment held under a year falls under short term capital gain

5,000 X 0.24 = 1,200

Answer 2

Answer:

Short term Capital gain and $1200.

Step-by-step explanation:

short term capital

Gains earned by selling assets you’ve held for a year or less are called short-term capital gains, and they generally are taxed at the same rate as your ordinary income, anywhere from 10% to 37%.

Since Rita has a taxable income of $85,000.

So , she fall 24% 82,501 to 157,500 Tax rate bracket.

Therefore     5,000 X 0.24 = 1,200

Thus Rita must pay $1200 in taxes on the Short term Capital gain made by her.

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