O Homework 3 ! Required information [The following information applies to the questions displayed below.] Part 3 of 3 Lacy is a single taxpayer. In 2020, her taxable income is $42,200. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations.) 0.37 points Skipped c. Her $42,200 of taxable income includes $5,200 of qualified dividends. (Round your answers to 2 decimal places.) Tax liability eBook 101 Hint Print References 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: S 0 S 9,875 $ 9,875 S 40,125 $ 40,125 S 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9,875 $4,617.50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 S47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: S 0 $ 19,750 10% of taxable income $ 19,750 S 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171.050 $9,235 plus 22% of the excess over $80,250 $171,050 $326,600 S29,211 plus 24% of the excess over $171,050 $326,600 $414.700 $66,543 plus 32% of the excess over $326,600 $414,700 S622.050 $94,735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: $ 0 $ 14,100 $ 14,100 S 53,700 $ 53,700 $ 85,500 $ 85,500 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $1,410 plus 12% of the excess over $14,100 $6,162 plus 22% of the excess over $53,700 $13,158 plus 24% of the excess over $85,500 $31,830 plus 32% of the excess over $163,300 $45,926 plus 35% of the excess over $207,350 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: S 0 S 9.875 10% of taxable income $ 9,875 S 40,125 $987.50 plus 12% of the excess over $9,875 $ 40,125 $ 85,525 $4,617.50 plus 22% of the excess over $40,125 $ 85,525 $163,300 $14,605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33,271.50 plus 32% of the excess over $163,300 $207,350 $311,025 S47,367.50 plus 35% of the excess over $207,350 $311,025 583,653.75 plus 37% of the excess over $311,025 Tax Rates for Net Capital Gains and Qualified Dividends Rate* 0% Married Filing Jointly SO - $80,000 $80,001 - $496,600 S496,601+ Married Filing Separately $0 - $40,000 $40,001 - $248,300 $248,301+ Taxable Income Single $0 - $40,000 $40,001 - $441,450 $441,451+ Head of Household SO - $53,600 $53,601 - $469,050 $469,051+ Trusts and Estates $0 - $2,650 $2,651 - $13,150 $13,151+ 15% 20% *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 dividends are included in taxable income last for this purpose). Estates and Trusts If taxable income is over: But not over: $ 0 $ 2,600 $ 2,600 $ 9.450 $ 9,450 $12.950 The tax is: 10% of taxable income $260 plus 24% of the excess over $2,600 $1,904 plus 35% of the excess over $ 9,450 $3,129 plus 37% of the excess over $12,950 $12,950