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Lauren has one dependent child and will file as head of household. In addition to income from wages, she has a $1,000 capital gain from the sale of stock that she owned for eight months. Her taxable income is $72,000, so her marginal tax rate is 22%. Lauren's tax on her capital gain is:_________. a) $0 b) $150 c) $220 d) $280

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Answer: c) $220

Explanation:

Capital Gains from assets that were held for less than a year attract the same tax rate that a person would pay based on their federal tax brackets.

As Lauren held the stock for only 8 months before she sold it and as her marginal tax rate is 22%, she is to pay a 22% tax on the capital gain;

= 22% * 1,000

= $220

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