Check my work Required information (The following information applies to the questions displayed below.] Part 1 of 2 During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) 10 points Skipped Capital Asset Market Value L stock $ 50,000 M stock 28,000 N stock 30,000 Ostock 26,000 Antiques 7,000 Rental home 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 eBook Print References *$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 2019 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liability Check my work [The following information applies to the questions displayed below.) Part 2 of 2 During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules.) points 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 Skipped Holding Period > 1 year > 1 year 1 year > 1 year eBook Print References *$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 2019 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 Taxable Income Rate Married Filing Jointly Married Filing Separately Single Head of Household 0% $0 - $78,750 $0-$39,375 $0-$39 375 $0-$52,750 15% $78,751 - 3488,850 $39,376 - $244.425 $39,376 - $434,550 $51,751 - $461,700 20% $488 851+ $244.426+ $434,551+ $461,701+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table qualified dividends are included in table income last for this purpose Trusts and Estates $0-$2,650 $2,651 - $12.950 $12.951+ et capital gains and 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,700 $ 9,700 $ 39,475 $ 39,475 $ 84,200 $ 84,200 $160,725 $160,725 $204,100 $204,100 $510,300 $510,300 The tax is: 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19.400 $ 78,950 $168,400 $9,086 plus 22% of the excess over $78,950 $168.400 $321,450 $28,765 plus 24% of the excess over $168.4001 S321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 $164.709.50 plus 37% of the excess over 5612350 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 13,850 10% of taxable income S 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of of the excess over $52,850 $ 84,200 $160,700 S12,962 plus 24% excess over $84,200 $160,700 S204.100 S31,322 plus - excess over $160,700 $204.100 $510,300 S45.210 plus 35% 09 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 $ 52,850 $ 84,200 $6,065 plus 22% of the excess over $52,850 $ 84,200 $160,700 $12,962 plus 24% of the excess over $84,200 $160,700 $204,100 $31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45,210 plus 35% of the excess over $204,100 $510,300 - $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: $ 0 $ 9,700 $ 9,700 $ 39,475 $ 39,475 $ 84,200 $ 84,200 $160,725 $160,725 $204,100 $204,100 $306,175 $306,175 The tax is: 10% of taxable income $970 plus 12% of the excess over $9,700 $4,543 plus 22% of the excess over $39,475 $14,382.50 plus 24% of the excess over $84,200 $32,748.50 plus 32% of the excess over $160,725 $46,628.50 plus 35% of the excess over $204,100 $82,354.75 plus 37% of the excess over $306.175