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Tax on capital gains question
Married couple filing jointly has taxable ordinary income of $30,300 and long term capital gains of $100,000. How much tax is owed on the gain?
A. $0 because taxable ordinary income is below the threshold level of $75,300.
B. $15,000 because the total of the ordinary income and gain is above the threshold level, thus incurring 15% on the gain.
C. $8250. $130,300 - 75,300 = 55,000 X .15 = $8250.
D. Something else. (Please explain)
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This is a great question for your CPA. Good luck.