I can't figure out how to do this question and these are the rates we are using. An explanation would be great so I know what i'm doing.
b. What is Terris Tet What is Terri's tax liability? C. 48. LO.8 During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: Gain on the sale of unimproved land (held as an investment for 3 years) Loss on the sale of a camper (purchased 2 years ago and used for family vacations) Gain on the sale of ADM stock (purchased 9 months ago as an investment) Gain on the sale of a fishing boat and trailer (acquired 18 months ago at an auction and used for recreational purposes) ovil no $3,00 (5,000) 4,000 1,000 a. If Inez has taxable income of $158,000, how much income tax results? b. If Inez has taxable income of $35,000, how much income tax results? 108 During 2019, Chester (a married taxpayer filing a joint return) had the follow- But not income is: Over- The tax is: 2$ over- 2$ .........10% $ 19,050 2$ 9,525 19,050 1,905.00 + 12% 38,700 77,400 77,400 19,050 8,907.00 + 22% 165,000 82,500 77,400 165,000 28,179.00 + 24% 315,000 157,500 165,000 315,000 64,179.00 + 32% 400,000 200,000 315,000 400,000 91,379.00 + 35% 600,000 300,000 400,000 600,000 161,379.00 +37% 600,000 ......... 2019 Tax Rate Schedules Head of house Single-Schedule X If taxable If taxable of the income is: amount income is: Over- But not Over- The tax is: over- over- 2$ 2$ $ 9,700 ........10% 9,700 13,850 39,475 9,700 970.00 + 12% 52,850 39,475 84,200 4,543.00 + 22% 39,475 84,200 160,725 84,200 14,382.50 + 24% 84,200 160,725 204,100 32,748.50 + 32% 160,700 160,725 204,100 510,300 46,628.50 + 35% 204,100 204,100 510,300 153,798.50 + 37% 510,300 510,300 Married filing jointly or Qualifying widow(er)- Married filir Schedule Y-1 If taxable of the If taxable income is: But not amount income is: Over- over- The tax is: over- Over- 2$ $ 19,400 ......10% 19,400 78,950 $ 1,940.00 + 12% 19,400 78,950 9,700 168,400 9,086.00 + 22% 78,950 168,400 39,475 321,450 28,765.00 + 24% 321,450 168,400 84,200 408,200 65,497.00 + 32% 408,200 321,450 160,725 612,350 93,257.00 + 35% 612,350 408,200 204,100 164,709.50 + 37% .......... 612,350 306,175