question 1\njake sold stocks shares he had owned 3 years. jake is in the 35% marginal tax bracket and his…

question 1\njake sold stocks shares he had owned 3 years. jake is in the 35% marginal tax bracket and his capital gains from this sale were $38,793. how much tax would tom owe on those gains?

question 1\njake sold stocks shares he had owned 3 years. jake is in the 35% marginal tax bracket and his capital gains from this sale were $38,793. how much tax would tom owe on those gains?

Answer

Explanation:

Step1: Identify the tax - rate and gain amount

The tax rate is 35% or 0.35 in decimal form, and the capital gain is $38,793.

Step2: Calculate the tax amount

Multiply the capital gain by the tax rate: $38793\times0.35$. $38793\times0.35 = 13577.55$

Answer:

$13,577.55$