Given the following information, compute the taxes payable in (a) 2014 and (b) 2015 by John. Assume the followign tax rates: ordinary income = 40%; long term capital gains 20%; short term capital gains 40%; dividends 20%
a) short term capital gains in 2014: $2,500
b) short-term capital losses in 2014: $10,500
c) ordinary income (wages) in 2014: $245,000
d) short term capital gains in 2015: $13,000
e) short term capital losses in 2015: $4,000
f) long term capital gains in 2015: $21,000
g) long term capital losses in 2015: $22,000
h) ordinary income (wages) in 2015: $252,000