1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kupik [55]
3 years ago
6

Mikey initially invested $2,400 in a company and has held this investment for 3 years. He sold the investment after 3 years for

$4,950. Assuming he is in the 39.6% tax bracket, what is his tax savings with capital gains rates?
Business
1 answer:
Tanzania [10]3 years ago
3 0

Answer:

499.80

Explanation:

There is no 39.6% tax bracket, the highest marginal tax is 37%. But we can assume that Mikey had to pay 39.6% in taxes which means that he is in the seventh tax bracket (highest). Since he is classified under the highest tax bracket, he will also pay the highest capital gains rate which is 20%.

Mikey's long term capital gain = $4,950 - $2,400 = $2,550

if he paid regular income taxes = $2,550 x 39.6% = $1,009.80

since he pays capital gains taxes = $2,550 x 20% = $510

That means he saves $1,009.80 - $510 = 499.80

You might be interested in
Cargo, such as trucks, that cannot be containerized because it is too large and won't fit in a traditional container or because
uranmaximum [27]

Answer:

C.  breakbulk cargo

Explanation:

Based on the information provided within the question it can be said that this type of cargo is called breakbulk cargo. Like mentioned in the question, this type simply refers to general cargo that does not fit into traditional shipping containers or cargo bins, or exceeds the weight maximum for containers and must be shipped separately. Such cargo can include oversized vehicles, boats, cranes, turbine blades, ship propellers, generators, or even large engines.

7 0
3 years ago
Read 2 more answers
Destiny and Enzo engage in a business transaction. When a dispute arises, Destiny initiates a lawsuit against Enzo by filing a c
WINSTONCH [101]

Answer:

The answer is: A) ​Destiny did not state a claim for which relief can be granted.

Explanation:

A motion to dismiss is a request made by a party involved a court case (usually the defendant) that seeks to make the court dismiss the case. It can be filed on a variety of grounds based on legal deficiencies. One of the common grounds for filing a motion to dismiss is:

  • Failure to State a Claim for Which Relief Can Be Granted: A plaintiff must comply with several requirements in order to file a complaint, including a valid cause of action. A motion to dismiss may be granted if the plaintiff fails to adequately allege all of the elements of the claim or if the complaint fails to allege a measurable injury.
4 0
3 years ago
Surveys of employers and recruiters continually rank written communication skills as a top skill set sought in applicants. why a
Vadim26 [7]

Communication skills are increasingly important because success in business is often anchored on effective communication. Emails and web content are the most common activities of business communications in order to close deals and promote products and services. The better and clearer the communication, the more successful the transmission of ideas and response of clients and partners become.

4 0
3 years ago
What education does a childcare director need
nexus9112 [7]

Answer:

An associate's or bachelor's degree in early childhood education is needed to work as a child care director.

Explanation:

4 0
3 years ago
Read 2 more answers
Assume that the reserve requirement for the commercial banks is 25%. If the Federal Reserve Banks buy $3 billion in government s
faltersainse [42]

Answer:

The lending ability will increase by $2.25 billion.

Explanation:

The reserve requirement is given at 25%.

If federal reserve bank buys $3 billion in government securities, the total reserve will increase by $3 billion.

The excess reserve will be

=Increase in total reserve-required reserve

=$3 billion-25% of $3

=$(3 billion- .25*3) billion

=$(3-0.75) billion

=$2.25 billion

5 0
3 years ago
Other questions:
  • (able to pick multiple)
    8·2 answers
  • What is a corporation?
    7·2 answers
  • Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What would we expect to happen to
    13·2 answers
  • Martha is under a federal investigation for alleged insider trading. She shreds correspondence center to the investigation and a
    9·1 answer
  • Revenue is traditionally recognized in the accounting records when A. Cash is received. B. Services are rendered. C. It's incurr
    12·1 answer
  • David Company uses the gross method to record sales made on credit. On June 10, 2017, it sold goods worth $250,000 with terms 2/
    7·1 answer
  • Fleet, Inc. manufactured 700 units of Product A, a new product, in 20Xl. Product Xs variable and fixed manufacturing costs per u
    10·1 answer
  • Sonor Systems undertakes its own machine maintenance. The depreciation on the equipment is $20,000 per year and operating cost i
    7·1 answer
  • 1. define the forming stage and list four activities that happen in this stage
    8·1 answer
  • A company is considering investing in a new machine that requires an initial investment of $43,158. The machine will generate an
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!