Question: harold a single taxpayer has 30000 of ordinary income after...
Harold, a single taxpayer, has $30,000 of ordinary income after the standard deduction, and $10,000 in long-term capital gains, for total taxable income of $40,000. Assuming a tax of $3,413 on the $30,000 of ordinary income, what is Harold’s tax?
The tax rates on long-term capital gains are as follows:
Income Level Long-Term Capital Gains Rates
> $425,800 20%