Ask Experts Questions for FREE Help !
Ask
    lukemcbride's Avatar
    lukemcbride Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 9, 2007, 07:47 PM
    Calculating bracket
    I recently purchased a property that I renovated and sold in 06, now I have to pay taxes on my profit ( oh joy). I am having trouble figuring out how it will be taxed. I live in Georgia and I make approximately 22,000 per year, I only made about 10k dollars on my project, I bought the house for 55k fixed it up and sold it for 81k. So according to the government I guess I have a capital gain of 26k. I have been told that in Georgia the capital gain is taxed as income according to your tax bracket. I don't know if this is enough information for anybody to help me or not, but I'm really frustrated and sick with the figures I'm coming up with, no matter how I look at it. Any help would be much appreciated.

    Thank you
    Luke
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 10, 2007, 12:19 AM
    Luke:

    It's actually pretty simple.

    Every dollar over $20,000 earned in Georgia is taxed at a flat 6%.

    So you will pay $600 on your $10K profit.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Help with calculating amount of Fe [ 2 Answers ]

I did an experiment involving the gravimetric determination of Iron in Geritol. At the end of the experiment I was left with a product, Fe2O3 that weighed 0.417 g I'm not sure how to calculate the amount of Iron from here. This is what I did. I calculated the molar mass of Fe2O3 to be...

Calculating vectors [ 5 Answers ]

Hello. I'm having trouble with two questions regarding vectors. I'm not asking for solutions-just a step in the right direction. 1)A skater glides along a circular path of radius 4.90m. a)if he coasta around one half of the circle, find the magnitude of the displacement vector b)find how...

Yield calculating [ 1 Answers ]

If I invest a sum of money in stocks mid year, say May, and each month the value changes, and later in the year invest more, say in Nov, how do I calculate the annualized yield to compare performance with another simpler investment? Is there a formula?

Calculating Pressure [ 1 Answers ]

A sealed cubical container, 20 cm on a side, contains 3 times Avogadro's number of molecules at a temperature of 20 oC. What is the pressure in the container?

View more questions Search