Sharon Has the Following Results of Netting Her Short-Term and Long-Term

question 108

Essay

Sharon has the following results of netting her short-term and long-term capital gains and losses for 2015: $56,000 short-term capital loss,and $82,000 net long-term capital gain ($21,000 0%/15%/20% long-term capital gain,and $61,000 25% long-term capital gain). (a) ​ What is her net capital gain or loss for 2015? (b) ​ If there is a net capital loss,how much of the loss and what type of loss carries over to 2016? (c) If there is a net long-term capital gain,what is it made up of?

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Definitions:

State Unemployment Taxes

Taxes paid by employers to the state to fund unemployment insurance programs for workers who have lost their jobs.

Federal Unemployment Taxes

Taxes imposed by the federal government on employers to fund unemployment benefits for workers who have lost their jobs.

Gross Earnings

The total income earned by a company before deductions such as taxes and expenses.

Overtime Pay

Additional compensation paid to employees who work beyond the standard hours set by the company's policy or by law.