In 2021, Tom and Amanda Jackson (married filing jointly) have $248,000 of taxable income before considering the following events (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2021, they sold a painting (art) for $116,000 that was inherited from Grandma on July 23, 2019. The fair market value on the date of Grandma's death was $93,000 and Grandma's adjusted basis of the painting was $26,200. b. They applied a long-term capital loss carryover from 2020 of $10,600. c. They recognized a $12,300 loss on the 11/1/2021 sale of bonds (acquired on 5/12/2011). d. They recognized a $4,360 gain on the 12/12/2021 sale of IBM stock (acquired on 2/5/2021). e. They recognized a $18,440 gain on the 10/17/2021 sale of rental property (the only $1231 transaction), of which $8,960 is reportable as gain subject to the 25 percent maximum rate and the remaining $9.480 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2015). f. They recognized a $12,600 loss on the 12/20/2021 sale of bonds (acquired on 1/18/2021). g. They recognized a $7,300 gain on the 6/27/2021 sale of BH stock (acquired on 7/30/2012). h. They recognized an $11,600 loss on the 6/13/2021 sale of QuikCo stock (acquired on 3/20/2014). 1. They received $740 of qualified dividends on 7/15/2021. After completing the required capital gains netting procedures, what will be the Jacksons' 2021 tax liability? Total tax liability Schedule Z-Head of Household If taxable income is over: But not over: S 0 $ 14.200 $ 54,200 $ 86,350 S 164,900 $209,400 S523,600 $ 14.200 $ 54,200 $ 86,350 $164,900 The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 $6,220 plus 22% of the excess over $54,200 $13.293 plus 24% of the excess over $86.350 $32.145 plus 32% of the excess over $164,900 $ 523,600 $46,385 plus 35% of the excess over $209,400 $156.355 plus 37% of the excess over $523,600 $209,400 Schedule Y 2 Married Filing Separately If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $164,925 S 209,425 S 314,150 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $314,150 The tax is: 10% of taxable income $995 plus 12% of the excess over $ 9.950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33,603 plus 32% of the excess over $164.925 $47,843 plus 35% of the excess over $209,425 $84,496.75 plus 37% of the excess over $314,150 Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 $ 9.950 $ 40,525 $ 86,375 $ 164,925 $ 209,425 $ 523,600 The tax is: 10% of taxable income $995 plus 12% of the excess over $9,950 $4,664 plus 22% of the excess over $40,525 $14,751 plus 24% of the excess over $86,375 $33.603 plus 32% of the excess over $164,925 $47,843 plus 35% of the excess over $209,425 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: S 0 $ 19.900 $ 81,050 $172,750 $329,850 $418,850 $628,300 $ 19,900 $ 81,050 $ 172,750 $ 329,850 $418,850 $ 628,300 The tax is: 10% of taxable income $1,990 plus 12% of the excess over $19,900 $9,328 plus 22% of the excess over $81,050 $29,502 plus 24% of the excess over $172,750 $67,206 plus 32% of the excess over $329,850 $95,686 plus 35% of the excess over $418,850 $168,993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 S 14,200 $ 54,200 $ 86,350 $ 164,900 $ 209,400 $ 523,600 $ 14.200 $ 54,200 $ 86,350 $164,900 $ 209,400 $ 523,600 The tax is: 10% of taxable income $1,420 plus 12% of the excess over $14,200 $6,220 plus 22% of the excess over $54,200 $13,293 plus 24% of the excess over $86,350 $32,145 plus 32% of the excess over $164,900 $46,385 plus 35% of the excess over $209,400 $156,355 plus 37% of the excess over $523,600