Question
A couple paid $6,000 in capital gains tax on a profit of $25,000 made from the sale of some shares of stock. What is the capital gains tax rate?
Solve the problem to find the tax rate.
A couple paid $6,000 in capital gains tax on a profit of $25,000 made from the sale of some shares of stock. What is the capital gains tax rate?
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Koala Tutor
Koala Ai Support
Got a question with my answer?
To find the capital gains tax rate, we need to divide the amount of tax paid by the profit made from the sale of the shares and then multiply by 100 to get the percentage.
Tax rate = Tax paid/Profit made x 100%
In this case, the tax paid is $6,000 and the profit made is $25,000.
Tax rate = $6,000/$25,000 x 100% = 24%
Therefore, the capital gains tax rate is 24%.
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