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Mr. and Mrs. Cosgrove file a joint return and have taxable income of $360,000 without considering the following independent fact situations i (Click the icon to view the independent fact situations.) Married, Filing Joint and Surviving Spouse (Click the icon to view the 2019 tax rate schedule for the Married, Filing Joint and Surviving Spouse filing status.) The tax is: If taxable income is: (Click the icon to view the Preferential Rates for Adjusted Net Capital Gain (ANCG) and Qualified Dividends.) Not over $19,400 10% of taxable income. Requirement Determine the increase in their tax liability for each independent fact situation. Over $19,400 but not.over $78,950 $1,940.0012% of the excess over $19,400. Over $78,950 btnotover $168,400 $9,086.00 22% of the excess over $78,950. Over $168,400 but not over $321,450 Situation a. Determine the increase in their tax liability when they have a STCG of $31,000 and a LTCL of $19,000 $28,765.0024% of the excess over $168,400. Over $321,450 butnot over $408,200 $65,497.0032% of the excess over $321,450. Increase in tax liability Over $408,200 butnot over $612,350 $93,257.00 35% of the excess over $408,200. Over $612,350 . 3,840 $164,709.50 37% of the excess over $612,350. Situation b. They have a LTCG of $24,000 due to the sale of a collectible and a LTCG of $11,000 due to the sale of General Motors stock. Increase in tax X Reference liability 8,370 Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2019) for gains on assets held one year or less Situation c. Same as Part b except they also have a STCL of $4,500. Increase in tax iability 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: 7,110 Preferencial Filing Jointly Single Head of Household Rate 0% Up to $39,375 Up to $52,750 Up to $78,750 15% > $39,375 but not over $434,550 >$78,750 but not over $488,850 >$52,750 but not over $461,700 20% Over $461,700 Over $434,550 Over $488,850 The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $39,375 if married filing separately This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. Mr. and Mrs. Cosgrove file a joint return and have taxable income of $360,000 without considering the following independent fact situations i (Click the icon to view the independent fact situations.) Married, Filing Joint and Surviving Spouse (Click the icon to view the 2019 tax rate schedule for the Married, Filing Joint and Surviving Spouse filing status.) The tax is: If taxable income is: (Click the icon to view the Preferential Rates for Adjusted Net Capital Gain (ANCG) and Qualified Dividends.) Not over $19,400 10% of taxable income. Requirement Determine the increase in their tax liability for each independent fact situation. Over $19,400 but not.over $78,950 $1,940.0012% of the excess over $19,400. Over $78,950 btnotover $168,400 $9,086.00 22% of the excess over $78,950. Over $168,400 but not over $321,450 Situation a. Determine the increase in their tax liability when they have a STCG of $31,000 and a LTCL of $19,000 $28,765.0024% of the excess over $168,400. Over $321,450 butnot over $408,200 $65,497.0032% of the excess over $321,450. Increase in tax liability Over $408,200 butnot over $612,350 $93,257.00 35% of the excess over $408,200. Over $612,350 . 3,840 $164,709.50 37% of the excess over $612,350. Situation b. They have a LTCG of $24,000 due to the sale of a collectible and a LTCG of $11,000 due to the sale of General Motors stock. Increase in tax X Reference liability 8,370 Capital Gains and Dividends Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2019) for gains on assets held one year or less Situation c. Same as Part b except they also have a STCL of $4,500. Increase in tax iability 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: 7,110 Preferencial Filing Jointly Single Head of Household Rate 0% Up to $39,375 Up to $52,750 Up to $78,750 15% > $39,375 but not over $434,550 >$78,750 but not over $488,850 >$52,750 but not over $461,700 20% Over $461,700 Over $434,550 Over $488,850 The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $39,375 if married filing separately This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers
