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Ms. Ellis, a single individual, has $115,000 taxable income. Assume the taxable year is 2021. Compute her income tax assuming that Use Individual Tax

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Ms. Ellis, a single individual, has $115,000 taxable income. Assume the taxable year is 2021. Compute her income tax assuming that Use Individual Tax Rate Schedules. Required: a. Taxable income includes no capital gain. b. Taxable income includes $22,000 capital gain eligible for the 15 percent preferential rate. (For all requirements, round your intermediate calculations and final answers to the nearest whole dollar amount.) Case a. Includes no capital gain Income tax b. Includes capital gain

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