Question

In 2019, what is the top tax rate for individual long-term capital gains and the top...

In 2019, what is the top tax rate for individual long-term capital gains and the top tax rate for long-term capital gains of collectible items assuming that the Medicare tax does not apply.
a. 10; 20

b. 20; 28

c. 15; 25

d. 25; 28

In November 2019, Ben and Betty (married, filing jointly) have a long-term capital gain of $54,000 on the sale of stock. They have no other capital gains and losses for the year. Their ordinary income for the year after the standard deduction is $72,500, making their total taxable income for the year $126,500 ($72,500 1 $54,000). In 2019, married taxpayers pay 0 percent on long-term gains up to $78,750. What will be their 2019 total tax liability assuming a tax of $8,315 on the $72,500 of ordinary income?

a. $8,322

b. $15,717

c. $15,478

d. $19,712

Harold, a single taxpayer, has $30,000 of ordinary income after the standard deduction, and $10,000 in long-term capital gains, for total taxable income of $40,000. For 2019, single taxpayers pay 0 percent on long-term gains up to $39,375. Assuming a tax of $3,409 on the $30,000 of ordinary income, what is Harold’s tax?

a. $3,413

b. $3,503

c. $3,623

d. $4,094

e. $4,815

In 2019, Tim, a single taxpayer, has ordinary income of $29,000. Also, he has $2,000 in short-term capital gains, long-term capital losses of $10,000, and long-term capital gains of $4,000. What is Tim’s AGI for 2019?
a. $26,000

b. $27,000

c. $29,000

d. $32,000

Oscar, a single taxpayer, sells his residence of the last 10 years in January of 2019 for $190,000. Oscar’s basis in the residence is $45,000, and his selling expenses are $11,000. If Oscar does not buy a new residence, what is the taxable gain on the sale of his residence?

a. $145,000

b. $134,000

c. $45,000

d. $9,000

e. $0

Jim, a single taxpayer, bought his home 20 years ago for $25,000. He has lived in the home continuously since he purchased it. In 2019, he sells his home for $300,000. What is Jim’s taxable gain on the sale?

a. $0

b. $25,000

c. $125,000

d. $275,000

Susan, a single taxpayer, bought her home 25 years ago for $30,000. She has lived in the home continuously since she purchased it. In 2019, she sells her home for $200,000. What is Susan’s taxable gain on the sale?
a. $0

b. $20,000

c. $250,000

d. $170,000

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Homework Answers

Answer #1

5. $0

6. $ 25000

7. $0

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