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What jack capital gains taxes are

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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

Reference no: EM132709944

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