Three years ago, Kenesha purchased $10,000 worth of stock in major U.S. corporations. She spent $6000 on PEACH and $4,000 on GlobalHealth. Today, Kenesha decides to sell all her shares for $9,000. PEACH had decreased in value to $1,000 and GlogalHealth has increased in value to $8,000. What does she owe in taxes on this income? Show your work.

SWFT Comprehensive Volume 2019
42nd Edition
ISBN:9780357233306
Author:Maloney
Publisher:Maloney
Chapter13: Property Transactions: Determination Of Gain Or Loss, Basis Considerations, And Nonta Xable Exchanges
Section: Chapter Questions
Problem 2DQ
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Three years ago, Kenesha purchased $10,000 worth of stock in
major U.S. corporations. She spent $6,000 on PEACH and $4,000 on
GlobalHealth. Today, Kenesha decides to sell all her shares for
$9,000. PEACH had decreased in value to $1,000 and GlogalHealth
has increased in value to $8,000. What does she owe in taxes on
this income? Show your work.
Finish attempt..
Long term capital gains rates:
FILING STATUS
0% RATE
15% RATE
20% RATE
Single
Up to $40,400
$40,401-$445,850
Over $445,850
Married filing jointly
Up to $80,800
$80,801 - $501,600
Over $501,600
Married filing separately Up to $40,400
$40,401-$250,800
Over $250,800
Head of household
Up to $54,100
$54,101 - $473,750
Over $473,750
Transcribed Image Text:4 Three years ago, Kenesha purchased $10,000 worth of stock in major U.S. corporations. She spent $6,000 on PEACH and $4,000 on GlobalHealth. Today, Kenesha decides to sell all her shares for $9,000. PEACH had decreased in value to $1,000 and GlogalHealth has increased in value to $8,000. What does she owe in taxes on this income? Show your work. Finish attempt.. Long term capital gains rates: FILING STATUS 0% RATE 15% RATE 20% RATE Single Up to $40,400 $40,401-$445,850 Over $445,850 Married filing jointly Up to $80,800 $80,801 - $501,600 Over $501,600 Married filing separately Up to $40,400 $40,401-$250,800 Over $250,800 Head of household Up to $54,100 $54,101 - $473,750 Over $473,750
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