Joseph had the income of $75,000 in 2023. Two years before that, he purchased 100 shares of stock at $30 a share. In 2023, he sold the 100 shares for $50 a share. What is the amount of federal income tax he owes as a result of this sale based on the following 2023 tax brackets and long-term capital gain tax rates for individuals? 

Answer rating: 100% (QA)

To calculate Josephs federal income tax liability resulting from the sale of the stock we need to de... View the full answer