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What is the maximum federal income tax rate

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Question - Arnie, single, has taxable income of $1,000,000 from wages before taking into consideration his capital gains. Arnie had no capital losses in 2020. In 2020,

a- What is the top marginal federal income tax rate applicable to Arnie's wages?

b- In addition to his wages, Arnie sold shares of GE stock for a gain of $500,000 in 2020. Arnie owned the stock for many years. What is the maximum federal income tax rate applicable to Arnie's gain on the sale of GE stock (net capital gain)?

c- In addition to his wages and gain on the GE stock, Arnie sold Tesla stock for a gain of $400,000 in 2020. Arnie purchased the stock 3 months before he sold it. What is the top marginal federal income tax rate applicable to Arnie's gain?

Reference no: EM133085752

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