Reference no: EM133004415
Problem 1: Calculate Capital Gains and Losses
James, a single person, sold 500 shares of stock at $12 per share. He purchased this stock at $10 per share two years ago. James's other ordinary income is $75,000. His total tax would be calculated as follows:
Ordinary income ($75,000)
0.10 * 8,700) + (0.15 * (35,350 - 8,700)] + [0.25 * (75,000 - 35,350)) = 14,780
Capital gain ($1,000) : (0.15 * 1,000) = 150
Total tax: 14,780 + 150 = 14,930
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