All the posted Questions similar to those are incorrect.

Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate 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 Market Value Tax Basis Holding Period L stock $ 50,000 $41,000 > 1 year M stock 28,000 39, eee > 1 year N stock 30,000 22,eee 1 year Rental home 300,000 90, een > 1 year $30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. a. Given that Ron and Anne have taxable income of only $20,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2020 assuming they file a joint return (Round all your intermediate computations to the nearest whole dollar amount.) Answer is complete but not entirely correct. Gross tax liability $ 51,845 Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate" Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 09 SO - 580,000 SO - $40,000 SO - S40,000 50 - $53.600 SO - 52.650 15% $80,001 - 5496,600 S40,001 - $248,300 $40,001 - $441,450 $53,601 - $469,050 $2,651 - $13.150 20% S496,601 $248,301 $441,451+ $469,051+ $13,151+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (nel capital gains and qualified dividends 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: s 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9,875 S 40,125 $ 85,525 S4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $518,400 $47,367.50 plus 35% of the excess over $207,350 $518,400 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 S167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: S 0 $ 14,100 10% of taxable income S 14,100 $ 53,700 $1,410 plus 12% of the excess over $14,100 $ 53,700 $ 85,500 $6,162 plus 22% of the excess over $53,700 S 85,500 $163,300 $13,158 plus 24% of the excess over $85,500 S163,300 $207,350 $31,830 plus 32% of the excess over $163,300 $207,350 $518,400 S45,926 plus 35% of the excess over $207,350 $518,400 S154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: 9925 10 completed so far. It does not indicate completion. Return to question 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 $ 50,000 28,000 30,000 26,000 7,000 300,000* Tax Basis $41,000 39,000 22,000 33,000 4,000 90,000 Holding Period > 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 $400,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2020 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Answer is complete but not entirely correct. Gross tax liability $ 130,501