Question

In December 2019, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000...

In December 2019, Ben and Jeri (married filing jointly) have a long-term capital gain of $55,000 on the sale of stock held for 4 years. They have no other capital gains and losses for the year. After the standard deduction, their ordinary income for the year, before the capital gain, is $70,000, making their total income for the year $125,000. In 2019, married taxpayers who file jointly pay tax of $8,012 on the first $70,000 of ordinary taxable income and 15% on long-term capital gains above $78,750. What is their total tax liability?

a.$16,262.00

b.$14,949.50

c.$8,012.00

d.$19,217.00

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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...
After completing all netting of gains and losses for 2019, Jiang and Julie, a married couple...
After completing all netting of gains and losses for 2019, Jiang and Julie, a married couple filing jointly, have $58,000 of ordinary income, a short term capital gain of $5,000, an unrecaptured §1250 gain of $4,000, and a long term capital gain of $8,000. What is their tax liability?
In 2019, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering...
In 2019, Tom and Amanda Jackson (married filing jointly) have $200,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) On May 12, 2019, they sold a painting (art) for $110,000 that was inherited from Grandma on July 23, 2017. The fair market value on the date of Grandma’s death was $90,000 and Grandma’s adjusted basis of the painting was $25,000. They applied a long-term capital loss carryover from...
Jane and Blair are married taxpayers filing jointly and have 2018 taxable income of $107,000. The...
Jane and Blair are married taxpayers filing jointly and have 2018 taxable income of $107,000. The taxable income includes $5,000 of gain from a capital asset held five years, $2,100 of gain from a capital asset held seven months, and $13,000 of gain from a capital asset held four years. All of the capital assets were stock in publicly traded corporations. Jane and Blair also have qualified dividend income of $3,000. Indicate whether the following items are subject to the...
#15. Jeremy and Ren are married, filing jointly, and earn wages of $116,362 in 2019. They...
#15. Jeremy and Ren are married, filing jointly, and earn wages of $116,362 in 2019. They also earned $1,285 in interest on investments and contributed $19,912 to a taz-deferred retirement plan. They will use their 2019 standard deduction of $24,400 rather than itemizing their deductions and claim a $2,000 per child tax credit for each of their three children. Calculate Jeremy and Ren's taxable income. Answer should be a whole number.
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also earned $822 in interest on investments and contributed $11,320 to a tax-deferred retirement plan. They claimed tax-deferred educator expenses of $185 and will use their 2019 standard deduction of $24,400 rather than itemizing their deductions. Finally, they claim $2,000 child tax credits for each of their two children. Calculate Max and Jo's gross income. Calculate Max and Jo's adjusted gross income. Calculate Max and...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also...
Max and Jo are married, filing jointly, and earned wages of $96,400 in 2019. They also earned $822 in interest on investments and contributed $11,320 to a tax-deferred retirement plan. They claimed tax-deferred educator expenses of $185 and will use their 2019 standard deduction of $24,400 rather than itemizing their deductions. Finally, they claim $2,000 child tax credits for each of their two children. Calculate Max and Jo's gross income. Calculate Max and Jo's adjusted gross income. Calculate Max and...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $67,100. Meg works part time at the same university. She earns $34,600 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). What is the Comers’ tax liability for...
Mr. and Mrs. Kilo, married filing jointly, purchased their first home in 2003 for $240,000. They...
Mr. and Mrs. Kilo, married filing jointly, purchased their first home in 2003 for $240,000. They sold this home in 2007 for $210,000. They purchased their second home in 2008 for $435,000 and sold it this year for $1,150,000. a) Did the Kilos recognize a deductible loss on the 2007 sale of their first home? b) Compute the income tax and Medicare contribution tax on the Kilos’ gain on the sale of their home this year if their preferential rate...
Tim and Sarah are filing married filing jointly. They had $145,000 of income from salaries and...
Tim and Sarah are filing married filing jointly. They had $145,000 of income from salaries and a S/T capital gain of $2,000. They had itemized deductions that total $19,750. What is their tax liability? A. $18,324 B. $19,435 C. None of the amounts listed D. $18,464 E. $19,575
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT