o Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 S 86,375 S4,664 plus 22% of the excess over $40,525 $ 86,375 S 164,925 $14.751 plus 24% of the excess over $86,375 $ 164,925 S 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 S 523,600 S47,843 plus 35% of the excess over $209,425 $ 523,600 $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: The tax is: $ 0 S 19,900 10% of taxable income $ 19,900 S 81,050 S1,990 plus 12% of the excess over $19,900 $ 81,050 S 172,750 59,328 plus 22% of the excess over $81,050 $ 172,750 S 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 S 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 S 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,400 28,400 30,400 26,400 7,400 300,400 Tax Basis $ 41,200 39,200 22,200 33,200 4,200 90,20 Holding Period > 1 year > 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. b. Given that Ron and Anne have taxable income of $400,400 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability o Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 S 86,375 S4,664 plus 22% of the excess over $40,525 $ 86,375 S 164,925 $14.751 plus 24% of the excess over $86,375 $ 164,925 S 209,425 $33,603 plus 32% of the excess over $164,925 $ 209,425 S 523,600 S47,843 plus 35% of the excess over $209,425 $ 523,600 $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: The tax is: $ 0 S 19,900 10% of taxable income $ 19,900 S 81,050 S1,990 plus 12% of the excess over $19,900 $ 81,050 S 172,750 59,328 plus 22% of the excess over $81,050 $ 172,750 S 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 S 418,850 $67,206 plus 32% of the excess over $329,850 $ 418,850 S 628,300 $95,686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,400 28,400 30,400 26,400 7,400 300,400 Tax Basis $ 41,200 39,200 22,200 33,200 4,200 90,20 Holding Period > 1 year > 1 year 1 year > 1 year *$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax. b. Given that Ron and Anne have taxable income of $400,400 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability