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4. During 2020, Peter Brady has the following gains and losses: LTCG $12,000 LTCL 13,000 STCG 2,000 STCL 7,000 a. How much is Peter's tax
4. During 2020, Peter Brady has the following gains and losses: LTCG $12,000 LTCL 13,000 STCG 2,000 STCL 7,000 a. How much is Peter's tax liability if he is in the 12% tax bracket? b. If his tax bracket is 35% (not 12%)? 5. During 2020, Marcia Brady has the following gains and losses: LTCG $12,000 LTCL 3,000 STCG 8,000 STCL 6,000 a. How much is Marcia's tax liability if she is in the 10% tax bracket? b. If her tax bracket is 24% (not 12%)? 6. Cindy Brady, filing status of Head of Household: a. Has taxable income of $40,000 of which $5,000 is long-term capital gains. Calculate Cindy's tax liability using the 2020 Tax Rate Schedule. b. Has taxable income of $240,000 of which $5,000 is long-term capital gains. Calculate Cindy's tax liability using the 2020 Tax Rate Schedule. C. Has taxable income of $540,000 of which $5,000 is long-term capital gains. Calculate Cindy's tax liability using the 2020 Tax Rate Schedule
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