taxes for long term capital gains

[usernamesarehard]

I thought I knew the formula for capital gains but I am getting something different. If I make 100k from a sale in 2022 and had no other income as a single filer, would the calculation be this:

100k - 41,675 (0% Rate) = 58,325 - 12950 (Standard Deduction) = 45,375 x .15 (15% Rate) = 6,806.25

This is what I get though: 6,642

Then CO State taxes calculated like this:

100k - 12950 (Standard Deduction) = 87,050 x .044 = 3830.2

This is what I get though: 3,837

Where am I going wrong? Or am I right?

[Mike9241 · Accepted solution]

$6806 is correct for federal. we can't see your return so you need to review the qualified div/cap gain worksheet

[TomD8]

According to this online calculator, if your only income was the $100K capital gain, your federal capital gains tax would be $8306.  Your CO state capital gains tax would be $4630.  Total federal + state = $12,936.

https://casaplorer.com/capital-gains-tax-calculator

[Mike9241]

@TomD8 the calculator is wrong because it does not take into account the standard deduction

100000 capital gain

41675 taxed a zero

58325 balance

12950 std deduction

45375 taxable at 15% tax 6806

[AbrahamT]

It will depend if the capital gain is short term or long term. Short term capital gain  means that the  timing between the buy and the sell of the asset was less than a year would be taxed at the ordinary income rate. If it was long term, meaning that it was held more than a year, then this is how it would be calculated  ; "upto"  41,675 would be 0%, from 41,675-100k would be at 15%, please see link for capital gain calculationhttps://blog.turbotax.intuit.com/income-and-investments/capital-gains-tax-calculator-48615/