Determine the tax liability: Taxpayer is married filing jointly.

TAXABLE INCOME BY CHARACTER:

Ordinary $ 321,350

Net Capital Gain:

28-Percent

25-Percent $ 8,000

0/15/20 Percent $ 387,200.00

TOTAL TAXABLE INCOME BY CHARACTER $ 716,550.00

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 $168.400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the ss over $408,200 $612,350 $164,709.50 plus 37% of the excess over $612,350 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 - $78,750 $0-$39,375 $0-$39.375 $0-$52,750 $0-$2,650 15% $78,751 - $488,850 $39,376 - $244.425 $39,376 - $434,550 $52,751 - $461,700 $2,651 - 512,950 20% $488,851+ $244.426+ $434,551+ $461,701+ $12.951+ *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 dividu Estates and Trusts If taxable income is over: $ 0 $ 2,600 $ 9,300 $12,750 But not over: $ 2,600 $ 9,300 $12,750 The tax is: 10% of taxable income $260 plus 24% of the excess over $2,600 $1,868 plus 35% of the excess over $9,300 $3,075.50 plus 37% of the excess over $12,750