Asok's AGI for 2018 is $133,050. Included in this AGI is a S45,000 25% long-term capital gain and a $13,000 0%/15%/20% long-term capital gain. Asok is single and uses the standard deduction. Compute his taxable income, the tax liability, and the tax savings from the alternative tax on net capital gain Click here to access the tax rate schedules to use for this problem When computing the tax on the gain, calculate each part separately, rounding interim calculations to two decimal places. Then, round your final answer for the tax to the nearest dollar. Hint: The 25% gain is calculated at two different rates. . Asok's taxable income: 133,050 X 82,400 X His regular tax liability His tax liability using the alternative tax approach: . The tax savings from using the altemative tax approach 82,400 X 82,400 X 2018 Tax Rate Schedules Single-Schedule X If taxable income is: Head of household- Schedule Z of the amount income is: If taxable of the But not But not The tax is: The tax is: ...10% 38,700 952.50126 4,453.50 2296 157,500 14,089.50 24% 32,089.50 32% 45,689.50 35% $ 13,600 51,800 82,500 157,500 9,525 ...109% S 9,525 9,525 38,700 82,500 157,500 13,600 $ 1,360.00+12% 5,944.00 + 22% 12,698.00 + 24% 30,698.00 32% 44,298.00 35% 13,600 38,700 82,500 51,800 51,800 157,500 200,000 500,000 157,500 200,000 157,500 200,000 149,298.00 37% 500,000 200,000 500,000 Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately Schedule Y-2 of the amount If taxable If taxable income is: of the But not But not The tax is: The tax is: 19,050 77,400 165,000 315,000 400,000 600,000 ...10% 1,905.00+ 1296 8,907.00 22% 28,179.00 24% 64,179.00 3296 91 ,379.00 35% 161,379.0037% 9,525 38,700 106 $ 19,050 77.400 165,000 315,000 19,050 77,400 165,000 315,000 9,525 38,700 82,500 157,500 $952.50129 4,453.50+ 22% 14,089.50 + 24% 9,525 38,700 82,500 32,089.50 32% 157,500 45,689.50 + 35% 200,000 80,689.50 37% 300,000 157,500 600,000 600,000 Asok's AGI for 2018 is $133,050. Included in this AGI is a S45,000 25% long-term capital gain and a $13,000 0%/15%/20% long-term capital gain. Asok is single and uses the standard deduction. Compute his taxable income, the tax liability, and the tax savings from the alternative tax on net capital gain Click here to access the tax rate schedules to use for this problem When computing the tax on the gain, calculate each part separately, rounding interim calculations to two decimal places. Then, round your final answer for the tax to the nearest dollar. Hint: The 25% gain is calculated at two different rates. . Asok's taxable income: 133,050 X 82,400 X His regular tax liability His tax liability using the alternative tax approach: . The tax savings from using the altemative tax approach 82,400 X 82,400 X 2018 Tax Rate Schedules Single-Schedule X If taxable income is: Head of household- Schedule Z of the amount income is: If taxable of the But not But not The tax is: The tax is: ...10% 38,700 952.50126 4,453.50 2296 157,500 14,089.50 24% 32,089.50 32% 45,689.50 35% $ 13,600 51,800 82,500 157,500 9,525 ...109% S 9,525 9,525 38,700 82,500 157,500 13,600 $ 1,360.00+12% 5,944.00 + 22% 12,698.00 + 24% 30,698.00 32% 44,298.00 35% 13,600 38,700 82,500 51,800 51,800 157,500 200,000 500,000 157,500 200,000 157,500 200,000 149,298.00 37% 500,000 200,000 500,000 Married filing jointly or Qualifying widow(er)- Schedule Y-1 Married filing separately Schedule Y-2 of the amount If taxable If taxable income is: of the But not But not The tax is: The tax is: 19,050 77,400 165,000 315,000 400,000 600,000 ...10% 1,905.00+ 1296 8,907.00 22% 28,179.00 24% 64,179.00 3296 91 ,379.00 35% 161,379.0037% 9,525 38,700 106 $ 19,050 77.400 165,000 315,000 19,050 77,400 165,000 315,000 9,525 38,700 82,500 157,500 $952.50129 4,453.50+ 22% 14,089.50 + 24% 9,525 38,700 82,500 32,089.50 32% 157,500 45,689.50 + 35% 200,000 80,689.50 37% 300,000 157,500 600,000 600,000