Reference no: EM132709944
Problem 1: Jack sold $20,000 worth of stocks that were purchased one year ago for $15,000. He is in a 22% tax bracket. Jack's capital gains taxes are:
1. $500
2. $550
3. $1,100
4. $2,500
5. $4,400
Problem 2: Which of the following situations is a person who could be insolvent?
1. Assets $56,000; annual expenses $60,000
2. Assets $68,000; net worth $22,000
3. Liabilities $45,000; net worth $6,000
4. Assets $60,000; liabilities $61,000
5. Annual cash inflows $48,000; liabilities $50,000
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