Jamie is single. In 2019, she reported $101,000 of taxable income, including a long-term capital gain...
Jamie is single. In 2019, she reported $101,000 of taxable income, including a long-term capital gain of $5100. What is her gross tax liability, rounded to the nearest whole dollar amount?
Homework Answers
Regular income is 101,000 - 5,100 = 95,900. This will be taxed at ordinary tax rate which is 24% for her income slab.
Capital gains of 5,100 will be taxed at 15% which is the capital gains rate for her income slab.
Gross tax liability = (24%*95,900) + (15%*5,100) = 23,781
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