Assume the tax rates and ordinary income

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Reference no: EM131558865

Given the following information, compute the taxes payable in (a) 2014 and (b) 2015 by John. Assume the followign tax rates: ordinary income = 40%; long term capital gains 20%; short term capital gains 40%; dividends 20%

a) short term capital gains in 2014: $2,500

b) short-term capital losses in 2014: $10,500

c) ordinary income (wages) in 2014: $245,000

d) short term capital gains in 2015: $13,000

e) short term capital losses in 2015: $4,000

f) long term capital gains in 2015: $21,000

g) long term capital losses in 2015: $22,000

h) ordinary income (wages) in 2015: $252,000

Reference no: EM131558865

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