SOLUTION: Tom buys $20,000 worth of stock, and sells it 8 months later for $28.000 and is required to pay 15% capital gains tax on his profit, how do I calculate how much tax he is required

SOLUTION: Tom buys $20,000 worth of stock, and sells it 8 months later for $28.000 and is required to pay 15% capital gains tax on his profit, how do I calculate how much tax he is required

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Question 169380: Tom buys $20,000 worth of stock, and sells it 8 months later for $28.000 and is required to pay 15% capital gains tax on his profit, how do I calculate how much tax he is required to pay?
Answer by Mathtut(3670) (Show Source): You can put this solution on YOUR website!
profit = what he made on the investement = 28000-20000=8000 profit.
:
15%=.15 in decimal form.
:
capital gains tax paid
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