Check my work 7 ! Required information Part 1 of 2 (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.) 0.56 points Skipped Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50, 600 28,600 38,600 26,600 7,600 300,600* Tax Basis $41,300 39,300 22,300 33,300 4,300 90,300 Holding Period > 1 year > 1 year 1 year > 1 year eBook *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Print Ignore the Net Investment Income Tax. References a. Given that Ron and Anne have taxable income of only $20,600 (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.) Gross tax liability Tax Rates for Net Capital Gains and Qualified Dividends Rate* 0% Married Filing Jointly SO - $80,000 $80,001 - $496,600 S496,601+ Married Filing Separately $0-$40,000 $40,001 - $248,300 $248,301+ Taxable Income Single $0-$40,000 $40,001 - $441,450 $441,451+ Head of Household SO - $53,600 $53,601 - $469,050 Trusts and Estates $0-$2,650 $2,651 - $13,150 $13,151+ 15% 20% $469,051+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose). 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: S 0 S 9,875 $ 9,875 $ 40,125 $ 40,125 S 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $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 S 19.750 10% of taxable income $ 19,750 S 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 S326.600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 S66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: S 0 $ 14,100 $ 14,100 S 53,700 $ 53,700 S 85,500 $ 85,500 S163,300 $163,300 $207,350 The tax is: 10% of taxable income $1,410 plus 12% of the excess over $14,100 S6,162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over $85,500 $31,830 plus 32% of the excess over $163,300