Your uncle has a taxable income of $85,142 last year. If he files as a head of household, what is his tax liability. What would be your uncle's tax liability if he were to file his taxes as married filing jointly

Your uncle has a taxable income of $85,142 last year. If he files as a head of household, what is his tax liability. What would be your uncle's tax liability if he were to file his taxes as married filing jointly

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 65P

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

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Your uncle has a taxable income of $85,142 last year. If he files as a head of household, what is his tax liability.

What would be your uncle's tax liability if he were to file his taxes as married filing jointly.

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