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bekas [8.4K]
3 years ago
5

Tom, an art history professor owned and lived in a home in Dubuque, Iowa, for the past four years. He spends a year in Italy aft

er which he decides to sell his home in Dubuque and live in Rome. If Tom is single, he can claim _______.
Business
1 answer:
photoshop1234 [79]3 years ago
4 0

Answer:

If Tom is single, he can claim THE $250,000 CAPITAL GAINS EXEMPTION.

Explanation:

Capital gain taxes are taxes on any profit you make from the sale of something, such as a house. These taxes apply unless you upgraded to a home with a more expensive purchase price.

With the passage of the taxpayer relief act, individuals can exclude up to $250,000 of capital gains from taxation and married couples can exclude up to $500,000.

To qualify for the home sale capital gains tax exemption, one must pass the use test (looking at whether one used/lived in one's home). One must have owned and lived in the residence for at least two out of the last five years before the sale.

Therefore, since Tom is single and has lived in his home for the past four years and wants to sell, he qualifies for the exemption and can claim THE $250,000 CAPITAL GAINS EXEMPTION.

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​Brad's gross pay for the month is $ 6 comma 400. His deduction for federal income tax is based on a rate of 22​%. He has no vol
Lera25 [3.4K]

Answer:

$4,502

Explanation:

​Brad's gross pay for the month is $6,400. His deduction for federal income tax is based on a rate of 22​%.

Brad's net​ pay if we assume a FICAlong - OASDI Tax of 6.2​% and FICAlong -Medicare Tax of 1.45​%. will be:

His gross pay for the month less all the statutory deductions

$6400 - [(0.22 x 6400) + (0.062 x 6400) + (0.0145 x 6400)] = $4,502

3 0
3 years ago
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If the number of unemployed workers is 19 million, the number in the working-age population is 500 million, and the unemployment
konstantin123 [22]

Answer:

labor force participation rate= 96.2%

Explanation:

Giving the following information:

Unemployed people= 19 million

Labor force= 500 million

<u>First, we need to calculate the employed people:</u>

<u></u>

Employed population = 500 - 19= 481 million

<u>Now, to calculate the labor force participation rate, we need to use the following formula:</u>

<u></u>

labor force participation rate= (employed people/labor force)*100

labor force participation rate= (481/500)*100

labor force participation rate= 96.2%

4 0
3 years ago
What is one difference between a vocational school and on-the-job training?
Gemiola [76]
Vocational classes provide job focus training for specific roles or careers
8 0
2 years ago
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John bought 1,700 shares of Intel stock on October 18, 2015, for $44 per share plus a $750 commission he paid to his broker. On
Dvinal [7]

Answer:

Explanation:

A. John’s basis in the 1,000 shares of Intel stock is $45,750.

is the purchase price of $30,000 (i.e., 44 × $1,000) plus the $750 commission paid to the broker.

b.On the sale, John realizes $62500. This is the sales price of $63500 (i.e., 1,000 × $63.50)minus the transaction fee of $1,000.

c.John’s gain on the sale is $16,750 which is the amount realized minus his adjusted basis (i.e., $62500 – 45,750). The gain is a long-term capital gain because John held the stock for more than a year before selling

4 0
3 years ago
SOMEONE PLEASE HELP ME ASAP PLEASE!!!!
mojhsa [17]

Answer:B

Explanation:

This is because as one's income increases his aggregate demand also increases as they both have direct relationship with each other.

5 0
3 years ago
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