select the correct answer from each drop - down menu. use the tables to complete the statements. single…

select the correct answer from each drop - down menu. use the tables to complete the statements. single taxpayers: income brackets tax rate income bracket 10% 0 to 9,525 12% 9,526 to 38,700 22% 38,701 to 82,500 24% 82,501 to 157,500 32% 157,501 to 200,000 35% 200,001 to 500,000 37% >500,000 single taxpayers: qualified dividends and long - term capital gains tax rate income bracket 0% 0 to 38,600 15% 38,601 to 425,800 20% >425,800 rita has a taxable income of $85,000. she sold stock after owning it for six months, resulting in a. if she earned $5,000 on the sale of the stock, rita must pay $ in taxes on the gain. reset next

select the correct answer from each drop - down menu. use the tables to complete the statements. single taxpayers: income brackets tax rate income bracket 10% 0 to 9,525 12% 9,526 to 38,700 22% 38,701 to 82,500 24% 82,501 to 157,500 32% 157,501 to 200,000 35% 200,001 to 500,000 37% >500,000 single taxpayers: qualified dividends and long - term capital gains tax rate income bracket 0% 0 to 38,600 15% 38,601 to 425,800 20% >425,800 rita has a taxable income of $85,000. she sold stock after owning it for six months, resulting in a. if she earned $5,000 on the sale of the stock, rita must pay $ in taxes on the gain. reset next

Answer

Explanation:

Step1: Determine the type of capital - gain

Since Rita owned the stock for six months, it is a short - term capital gain. Short - term capital gains are taxed at the ordinary income tax rate.

Step2: Identify Rita's income bracket

Rita's taxable income is $85,000. According to the single taxpayers' income brackets for ordinary income, her income falls in the 24% tax rate bracket ($82,501 - $157,500).

Step3: Calculate the tax on the gain

The gain from the stock sale is $5,000. The tax on this gain is calculated by multiplying the gain amount by the tax rate. So, the tax is $5000\times0.24$. $5000\times0.24 = 1200$

Answer:

$1200$