If Olivia Garcia is single and in the 33% tax bracket, calculate the tax associated with each of the following transactions. (Use the IRS regulations...

If Olivia Garcia is single and in the 33% tax bracket, calculate the tax associated with each of the following transactions. (Use the IRS regulations for capital gains in effect in 2014.)

EXHIBIT 3.2 

Capital Gains Tax Categories as of 2014Capital gains tax rates are as low as 0 percent for low-income or as high as 28 percent for higher income levels and certain types of assets, so long as the holding period is more than 12 months.Holding periodTax Brackets/Assets Sold (2014)Tax on Capital gainsLess than 12 monthsAll (10%, 15%, 25%, 28%, 33%, 35%, and 39.6%) - any asset soldSame as ordinary incomeOver 12 months10% and 15% - assets other than real estate and collectibles0%25%, 33%, 35%, 39.6%15%, or 20% (later only if in 39.6% tax bracket)Sale of depreciable real estate25% on gain up to depreciation amountCollectibles28% all gains from collectibles

Treat each of the following cases as independent of the others.

1. She sold stock for $1,710 that she purchased for $1,500 10 months earlier. Round the answer to the nearest cent. Tax savings should be preceded by a "-" sign.
2. She sold bonds for $4,000 that she purchased for $2,500 3 years earlier. Round the answer to the nearest dollar. Tax savings should be preceded by a "-" sign.
3. She sold stock for $2,460 that she purchased for $3,000 20 months earlier. Assume this to be the only Stock in Olivia's portfolio. Round the answer to the nearest cent. Tax savings should be preceded by a "-" sign.