Item10 Time Remaining 25 minutes 39 seconds 00:25:39 eBook Check my workCheck My Work button is now enabled Item 10 Samuel Jenkins made two investments; the first was 14 months ago and the second was 2 months ago. He just sold both investments and has a capital gain of $9,500 on each. If Samuel is single and has taxable income of $41,200, what will be the amount of capital gains tax on each investment? Rate on Taxable Income Single Taxpayers Married Taxpayers Filing Jointly Head of Households 10% Up to $9,950 Up to $19,900 Up to $14,200 12 $9,951–$40,525 $19,901–$81,050 $14,201–$54,200 22 $40,526–$86,375 $81,051–$172,750 $54,201–$86,350

Item10 Time Remaining 25 minutes 39 seconds 00:25:39 eBook Check my workCheck My Work button is now enabled Item 10 Samuel Jenkins made two investments; the first was 14 months ago and the second was 2 months ago. He just sold both investments and has a capital gain of $9,500 on each. If Samuel is single and has taxable income of $41,200, what will be the amount of capital gains tax on each investment? Rate on Taxable Income Single Taxpayers Married Taxpayers Filing Jointly Head of Households 10% Up to $9,950 Up to $19,900 Up to $14,200 12 $9,951–$40,525 $19,901–$81,050 $14,201–$54,200 22 $40,526–$86,375 $81,051–$172,750 $54,201–$86,350

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.7AP

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Samuel Jenkins made two investments; the first was 14 months ago and the second was 2 months ago. He just sold both investments and has a capital gain of $9,500 on each. If Samuel is single and has taxable income of $41,200, what will be the amount of capital gains tax on each investment?

Rate on Taxable Income	Single Taxpayers	Married Taxpayers Filing Jointly	Head of Households
10%	Up to $9,950	Up to $19,900	Up to $14,200
12	$9,951–$40,525	$19,901–$81,050	$14,201–$54,200
22	$40,526–$86,375	$81,051–$172,750	$54,201–$86,350

Definition Definition Increase in the value of a capital asset and the amount that is realized when the asset is sold off. A capital gain may be short-term or long-term depending on the tenure for which the asset is held.

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