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Author Question: Because Doug lost his job in 2018, his income was only $27,000. To make ends meet, he sold stock and ... (Read 67 times)

Rafic Kaaki

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on: Mar 29, 2022

Question 1

Andrew and Jennifer are in the 22% marginal tax bracket. Three years ago they purchased 100 shares of stock at $20 a share. In 2018, they sold the 100 shares for $29 a share. What is the amount of federal income tax they owe as a result of this sale?
◦ $135
◦ $165
◦ $225
◦ $435

Question 2

Because Doug lost his job in 2018, his income was only $27,000.  To make ends meet, he sold stock and realized capital gains of $5,000.  Doug is single and files as an individual.  The tax on his capital gains will be
◦ $0.
◦ $600.
◦ $750.
◦ $1,000.
Fundamentals of Investing ¦ Zutter, Smart ¦ 14th Edition
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Marked as best answer by Rafic Kaaki on Mar 29, 2022

DevinBrifm

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Reply #1 on: Mar 29, 2022
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Rafic Kaaki

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Reply 2 on: Mar 29, 2022
Great answer, keep it coming :)

kishoreddi

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Reply 3 on: Yesterday
Excellent

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