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Required Information [The following informotion opplies to the questions disployed below.] During 2023, your clients, Mr. ond Mrs. Howell, owned the following investment ossets: *No commissions are charged when no-losd mutual funds are bought and sold. Becouse of the downturn in the stock market, Mr. and Mrs. Howell decided to sell most of their stocks and the mutusl fund in 2023 and to reinvest in municipol bonds. The following investment assets were sold in 2023: *No commissions are charged when no-losd mutual funds are bought and sold. The Howells' broker issued them o Form 1099-B showing the soles proceeds net of the commissions paid. For example, the IBM sales proceeds were reported as $13,600 on the Form 1099-B they received. In sddition to the sales reflected in the table above, the Howells provided you with the following additional information concerning 2023 : - The Howells received o Form 1099B from the Vanguard mutual fund reporting a $900 long-term capital gain distribution. This distribution wos reinvested in 31 additional Vanguard mutual fund shares on 6/30/2023. - In 2017, Mrs. Howell looned $6,000 to o friend who wos starting a new multilevel morketing compony colled LD3. The friend declared bankruptcy in 2023 , and Mrs. Howell has been notified she will not be receiving any repsyment of the loon. - The Howells hove a $2,300 short-term capital loss carryover and a $4,800 long-term capital loss carryover from prior years. - The Howells did not instruct their broker to sell any particular lot of IBM stock. - The Howells earned $3,000 in municipal bond interest, $3,000 in interest from corporate bonds, and $4,000 in quslified dividends. - Assume the Howells hove $130,000 of wage income during the year. a-3. Compute the Howells' tox lisbility for the year (ignoring the alternotive minimum tox and any phose-out provisions) ossuming they File a joint return, they have no dependents, they don't make any special tox elections, and their itemized deductions total $30,000. Schedule X-Single \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline$10 & $11,000 & 10% of taxable income \\ \hline$11,000 & $44,725 & $1,100 plus 12% of the excess over $11,000 \\ \hline$44,725 & $95,375 & $5,147 plus 22% of the excess over $44,725 \\ \hline$95,375 & $182,100 & $16,290 plus 24% of the excess over $95,375 \\ \hline$182,100 & $231,250 & $37,104 plus 32% of the excess over $182,100 \\ \hline$231,250 & $578,125 & $52,832 plus 35% of the excess over $231,250 \\ \hline$578,125 & - & $174,238.25 plus 37% of the excess over $578,125 \\ \hline \end{tabular} Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$0 & $22,000 & 10% of taxable income \\ \hline$22,000 & $89,450 & $2,200 plus 12% of the excess over $22,000 \\ \hline$89,450 & $190,750 & $10,294 plus 22% of the excess over $89,450 \\ \hline$190,750 & $364,200 & $32,580 plus 24% of the excess over $190,750 \\ \hline$364,200 & $462,500 & $74,208 plus 32% of the excess over $364,200 \\ \hline$462,500 & $693,750 & $105,664 plus 35% of the excess over $462,500 \\ \hline$693,750 & - & $186,601.5 plus 37% of the excess over $693,750 \\ \hline \end{tabular} Schedule Z-Head of Household \begin{tabular}{|c|c|l|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$0 & $15,700 & 10% of taxable income \\ \hline$15,700 & $59,850 & $1,570 plus 12% of the excess over $15,700 \\ \hline$59,850 & $95,350 & $6,868 plus 22% of the excess over $59,850 \\ \hline$95,350 & $182,100 & $14,678 plus 24% of the excess over $95,350 \\ \hline$182,100 & $231,250 & $35,498 plus 32% of the excess over $182,100 \\ \hline$231,250 & $578,100 & $51,226 plus 35% of the excess over $231,250 \\ \hline$578,100 & - & $172,623.5 plus 37% of the excess over $578,100 \\ \hline \end{tabular} Schedule Y-2-Married Filing Separately \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & The tax is: \\ \hline$111,000 & 10% of taxable income \\ \hline$11,000 & $44,725 & $1,100 plus 12% of the excess over $11,000 \\ \hline$44,725 & $95,375 & $5,147 plus 22% of the excess over $44,725 \\ \hline$95,375 & $182,100 & $16,290 plus 24% of the excess over $95,375 \\ \hline$182,100 & $231,250 & $37,104 plus 32% of the excess over $182,100 \\ \hline$231,250 & $346,875 & $52,832 plus 35% of the excess over $231,250 \\ \hline$346,875 & - & $93,300.75 plus 37% of the excess over $346,875 \\ \hline \end{tabular} Tax Rates for Net Capital Gains and Qualified Dividends