Mr. Fox, a single taxpayer, recognized a $64,000 long-term capital gain, a $14,300 short-term capital gain,...

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Mr. Fox, a single taxpayer, recognized a $64,000 long-term capital gain, a $14,300 short-term capital gain, and a $12,900 long-term capital loss. Required: Compute Mr. Fox's income tax and Medicare contribution tax if his taxable income before consideration of his capital transactions is $501,000. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Tax on ordinary income Tax on income taxed at preferential rate Medicare contribution tax Total Amount Mr. Fox, a single taxpayer, recognized a $64,000 long-term capital gain, a $14,300 short-term capital gain, and a $12,900 long-term capital loss. Required: Compute Mr. Fox's income tax and Medicare contribution tax if his taxable income before consideration of his capital transactions is $501,000. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount. Tax on ordinary income Tax on income taxed at preferential rate Medicare contribution tax Total Amount

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Answer Mr Foxs Capital Gains and Losses First lets calculate the net capital gain Net longterm capit... View the full answer