In October 2023, Jackie, a single taxpayer, sold IBM stock for $12,000, which she purchased four years ago for $4,000. She also sold GM stock for $14,000, which cost $17,500 three years ago, and she had a short-term capital loss of $1,800 on the sale of land. The tax rates on long-term capital gains are as follows: Income Level Long-Term Capital Gains Rates Married filing jointly $0–$89,250 0% $89,251–$553,850 15% > $553,850 20% Single $0–$44,625 0% $44,626–$492,300 15% > $492,300 20% Head of household $0–$59,750 0% $59,751–$523,050 15% > $523,050 20% Married filing separately $0–$44,625 0% $44,626–$276,900 15% > $276,900 20% If Jackie's other taxable income (salary) is $78,000, what is the amount of Jackie's tax on these capital transactions? fill in the blank 1 of 1$

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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In October 2023, Jackie, a single taxpayer, sold IBM stock for $12,000, which she purchased four years ago for $4,000. She also sold GM stock for $14,000, which cost $17,500 three years ago, and she had a short-term capital loss of $1,800 on the sale of land. The tax rates on long-term capital gains are as follows: Income Level Long-Term Capital Gains Rates Married filing jointly $0–$89,250 0% $89,251–$553,850 15% > $553,850 20% Single $0–$44,625 0% $44,626–$492,300 15% > $492,300 20% Head of household $0–$59,750 0% $59,751–$523,050 15% > $523,050 20% Married filing separately $0–$44,625 0% $44,626–$276,900 15% > $276,900 20% If Jackie's other taxable income (salary) is $78,000, what is the amount of Jackie's tax on these capital transactions? fill in the blank 1 of 1$
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