Marcy files as a head of household in 2020 and has taxable income of $140,000, including the sale of a stock held as an investment for two years at a gain of $28,000. Only one asset was sold during the year and Marcy does not have any capital loss carryovers. (Click the icon to view the 2020 tax rate schedule for the Head of Household filing status.) (Click the icon to view the Preferential Rates for Adjusted Net Capital Gain (ANCG) and Qualified Dividends.) Read the requirements. Requirement a. What is the amount of Marcy's tax liability? (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest whole dollar.) Tax liability in 2020 Requirement b. What is the amount of Marcy's tax liability if the stock is held for 11 months? (Do not round intermediary calculations. Only round the amount you input in the cell to the nearest whole dollar.) OLOOP C Next 1:09 PM 2/13/2022 Reference If taxable income is: Not over $14,100 Over $14,100 but not over $53,700 Over $53,700 but not over $85,500 Over $85,500 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518,400 Over $518,400 Head of Household The tax is: 10% of taxable income. ...$1,410.00 + 12% of the excess over $14,100. $6,162.00 +22% of the excess over $53,700. $13,158.00+ 24% of the excess over $85,500. $31,830.00 + 32% of the excess over $163,300. $45,926.00+ 35% of the excess over $207,350. $154,793.50 + 37% of the excess over $518,400. Print Done ssible nly one ar.) the ce Capital gains and losses are assigned to baskets. Five possible tax rates will apply to most capital gains and losses: Ordinary income tax rates (up to 37% in 2020) for gains on assets held one year or less 28% rate on collectibles gains and includible Sec. 1202 gains Preferential tax rates for gains on assets held for more than one year and qualified dividends based on the taxpayer's taxable income and filing status as shown in the following table: Preferencial Rate 0% Single Up to $40,000 15% 20% > $40,000 but not over $441,450 Over $441,450 Filing Jointly* Up to $80,000 Head of Household Up to $53,600 > $80,000 but not over $496,600 $53,600 but not over $469,050 Over $496,600 Over $469,050 *The corresponding amounts if married filing separately are half of the amounts for filing jointly. The preferential rate is zero for taxable income up to $40,000 if married filing separately. Print Done