Solved: What is the increase in income tax caused by these items, Accounting Basics

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What is the increase in income tax caused by these items

Question - Tina, whose marginal tax rate is 33%, has the following capital gains this year:

STCG $20,000

LTCG (General Electric stock) 40,000

LTCG (qualified small business stock held more than 5 years) 20,000

LTCG (artwork) 10,000

What is the increase in income tax caused by these items (ignore the Medicare tax on net investment income)? Show calculation.

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Accounting Basics: What is the increase in income tax caused by these items

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