Mr. and Mrs. Darwin sold their principal residence on Septem…

Mr. and Mrs. Darwin sold their principal residence on September 12, 2019, and purchased and moved into a new residence three weeks later. They excluded their $353,000 gain realized on this sale from gross income. On October 2, 2020, the Darwins realized a gain on sale of the new residence. Which of the following statements about this second gain is true?

Tina has a marginal income tax rate = 22%. She sold four inv…

Tina has a marginal income tax rate = 22%. She sold four investment assets resulting in the following capital gains and losses: Short-term gain = $3,800, Short-term loss = $(5,000) Long-term gain = $39,000,  Long-term loss = $(35,100) How much net capital gain is taxed at a preferential rate?

Lori’s marginal income tax rate is 24%, and her FICA/medicar…

Lori’s marginal income tax rate is 24%, and her FICA/medicare tax rate is 7.65%. Her employer offers her the choice between $5,000 additional cash salary or a nontaxable fringe benefit. Lori would have to pay $3,200 to purchase the benefit directly. Which of the following statements is true?