2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $9.950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 S 86,375 54.664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14.751 plus 24% of the excess over $86,375 $164.925 S 209.425 $33.603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 | $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 S 81,050 51.990 plus 12% of the excess over $19.900 $ 81,050 S 172.750 $9,328 plus 22% of the excess over $81,050 $ 172,750 S 329,850 S29,502 plus 24% of the excess over $172.750 $ 329,850 S 418.850 567,206 plus 32% of the excess over $329,850 $ 418,850 S628,300 $95.686 plus 35% of the excess over $418.850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 ! Required information [The following information applies to the questions displayed below.) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50, 200 28, 200 30, 200 26,200 7,200 300,200* Tax Basis $ 41,100 39,100 22,100 33, 100 4,100 90,100 Holding Period > 1 year > 1 year 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. b. Given that Ron and Anne have taxable income of $400,200 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $9.950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 S 86,375 54.664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14.751 plus 24% of the excess over $86,375 $164.925 S 209.425 $33.603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 | $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,900 10% of taxable income $ 19,900 S 81,050 51.990 plus 12% of the excess over $19.900 $ 81,050 S 172.750 $9,328 plus 22% of the excess over $81,050 $ 172,750 S 329,850 S29,502 plus 24% of the excess over $172.750 $ 329,850 S 418.850 567,206 plus 32% of the excess over $329,850 $ 418,850 S628,300 $95.686 plus 35% of the excess over $418.850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 ! Required information [The following information applies to the questions displayed below.) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50, 200 28, 200 30, 200 26,200 7,200 300,200* Tax Basis $ 41,100 39,100 22,100 33, 100 4,100 90,100 Holding Period > 1 year > 1 year 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. b. Given that Ron and Anne have taxable income of $400,200 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability