Please simplify. Thanks.

Cecelia is an avid art collector who owns many original works of art. Recently, she decided to sell an oil painting by Norman Rockwell. The buyer paid $500,000 for the painting. Since Cecelia had paid just $350,000 for the painting, she made a profit, or capital gain, on the sale. Determine Cecelia’s capital gain by subtracting $350,000 from $500,000. If the capital gain tax is 15 percent, you would calculate the tax bill by multiplying her capital gain by 0.15. How much tax did Cecelia owe?

Determine Cecelia’s capital gain by subtracting $350,000 from $500,000.

multiplying her capital gain by 0.15.

How much tax did Cecelia owe?

Nevermind I have it, it's $22,500.00

To determine Cecelia's capital gain, we subtract the amount she originally paid for the painting from the amount she received from selling it.

Capital gain = Selling price - Purchase price
= $500,000 - $350,000
= $150,000

Cecelia's capital gain is $150,000.

To calculate her tax bill, we multiply her capital gain by the capital gain tax rate, which is 15 percent.

Tax owed = Capital gain * Tax rate
= $150,000 * 0.15
= $22,500

Cecelia owes $22,500 in taxes.

Cecelia sold an oil painting by Norman Rockwell for $500,000. The capital gain is calculated by subtracting the original cost of the painting, which is $350,000, from the selling price. Therefore, the capital gain is $500,000 - $350,000 = $150,000.

To determine the tax bill, we need to calculate 15% of Cecelia's capital gain. This can be done by multiplying the capital gain by 0.15. So, the tax bill is $150,000 * 0.15 = $22,500.

Therefore, Cecelia owes a capital gain tax of $22,500.