Ask your own question, for FREE!
Mathematics 14 Online
OpenStudy (lesharicetuala):

Last year Lenny had an annual earned income of $58,475. He also had passive income of $1,255, and capital gains of $2,350. What was Lenny’s total gross income for the year?

OpenStudy (mathmate):

Not a tax expert, here's my best shot. From limited information I have, the tax rate for (long-term*) capital gains and income tax rates are the same for taxable incomes up to about 91000$ **. Also passive income is (usually) taxable. So the three amounts are added together to get the gross income. Please double-check with your textbook or notes. * long-term capital gains is that obtained by keeping the investment for one year or more. ** https://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States

Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!
Can't find your answer? Make a FREE account and ask your own questions, OR help others and earn volunteer hours!

Join our real-time social learning platform and learn together with your friends!