Answered

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Juan's investment portfolio was valued at $125,640 at the beginning of the year. during the year, juan received $603 in interest income and $298 in dividend income. juan also sold shares of stock and realized $1,459 in capital gains. juan's portfolio is valued at $142,608 at the end of the year. all income and realized gains were reinvested. no funds were contributed or withdrawn during the year. what is the amount of income juan must declare this year for income tax purposes?

Sagot :

abiolataiwo2015

Answer:

$2,360

Explanation:

Calculation to determine the amount of income juan must declare this year for income tax purposes

Using this formula

Income tax =Interest Income+Dividend Income+Capital gain

Let plug in the formula

Income tax=$603+$298+$1,459

Income tax=$2,360

Therefore the amount of income juan must declare this year for income tax purposes is $2,360

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