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In 2000, Ms. Ennis, a head of household, contributed $45,000 in exchange for 450 shares of Seta stock. Seta is a qualified small business. This year, Ms. Ennis sold all 450 shares for $117,000. Her only other investment income was an $8,300 long-term capital gain from the sale of land. Her taxable income before consideration of her two capital transactions is $599,000. Assume the taxable year is 2020. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: a. Compute Ms. Ennis's income tax and Medicare contribution tax for the year. b. How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000? c. How would the computation change if Ms. Ennis acquired the Seta stock in 2015 instead of 2000? Individual Tax Rate Schedules Married Filing Jointly and Surviving Spouse If taxable income is: The tax is: Not over $19,750 10% of taxable income Over $19,750 but not over $80,250 $1,975 + 12% of excess over $19,750 Over $80,250 but not over $171,050 $9,235 + 22% of excess over $80,250 Over $171,050 but not over $326,600 $29,211 + 24% of excess over $171,050 Over $326,600 but not over $414,700 $66,543 + 32% of excess over $326,600 Over $414,700 but not over $622,050 $94,735 + 35% of excess over $414,700 Over $622,050 $167,307.50 + 37% of excess over $622,050 Married Filing Separately If taxable income is: The tax is: Not over $9,875 10% of taxable income Over $9,875 but not over $40,125 $987.50 + 12% of excess over $9,875 Over $40,125 but not over $85,525 $4,617.50 + 22% of excess over $40,125 Over $85,525 but not over $163,300 $14,605.50 + 24% of excess over $85,525 Over $163,300 but not over $207,350 $33,271.50 + 32% of excess over $163,300 Over $207,350 but not over $311,025 $47,367.50 + 35% of excess over $207,350 Over $311,025 $83,653.75 + 37% of excess over $311,025 Heads of Household If taxable income is: The tax is: Not over $14,100 10% of taxable income Over $14,100 but not over $53,700 $1,410 + 12% of excess over $14,100 Over $53,700 but not over $85,500 $6,162 + 22% of excess over $53,700 Over $85,500 but not over $ 163,300 $13,158 + 24% of excess over $85,500 Over $ 163,300 but not over $207,350 $31,830 + 32% of excess over $ 163,300 Over $207,350 but not over $518,400 $45,926 + 35% of excess over $207,350 Over $518,400 $154,793.50 + 37% of excess over $518,400 Single If taxable income is: The tax is: Not over $9,875 10% of taxable income Over $9,875 but not over $40,125 $987.50 + 12% of excess over $9,875 Over $40,125 but not over $85,525 $4.617.50 + 22% of excess over $40,125 Over $85,525 but not over $163,300 $14,605.50 + 24% of excess over $85,525 Over $163,300 but not over $207,350 $33,271.50 + 32% of excess over $163,300 Over $207,350 but not over $518,400 $47,367.50 + 35% of excess over $207,350 Over $518,400 $156,235 + 37% of excess over 518,400 Tax rates for capital gains and qualified dividends. Rate Married Filing Married Filing Single Head of Jointly Separately Household 0%* $0-$80,000 $0-$40,000 $0 - $40,000 $0 - $53,600 $80,001 - $40,001 - $40,001 - $53,601 - $496,600 $248,300 $441,450 $469,050 20% $496,601+ $248,301+ $441,451+ $469,051+ The highest income amount in this range for each filing status is referred to as maximum zero rate amount. ** The highest income amount in this range for each filing status is referred to as maximum 15-percent amount. 15%** Required: a. Compute Ms. Ennis's income tax and Medicare contribution tax for the year. b. How would the computation change if Ms. Ennis acquired the Seta stock in 2011 instead of 2000? c. How would the computation change if Ms. Ennis acquired the Seta stock in 2015 instead of 2000? Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute Ms. Ennis's income tax and Medicare contribution tax for the year. (Round your intermediate calculations and fina answers to the nearest whole dollar amount.) Amount Taxable income Total income tax Medicare contribution tax Total tax Complete this question by entering your answers in the tabs below. Required A Required B Required C How would the computation change if Ms. Ennis acquired the Seta stock in 2015 instead of 2000? (Round your intermedia calculations and final answers to the nearest whole dollar amount.) Amount Taxable income Total income tax Medicare contribution tax Total tax Complete this question by entering your answers in the tabs below. Required A Required B Required C How would the computation change if Ms. Ennis acquired the Seta stock in 2015 instead of 2000? (Round your intermedia calculations and final answers to the nearest whole dollar amount.) Amount Taxable income Total income tax Medicare contribution tax Total tax