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Question 6 10 pts (10 points) Frank is 56 years old and files as a head of household during 2020 since he provides all of the support for his elderly mother who lives in a memory care facility all year. He has the following tax information for 2020: Salary income. $315,000 . Interest income... 47.250 Qualified dividend income..... 65.100 Capital gain from sale of stock held 7 years. 146,685 Capital loss from sale of stock held 2 years. ............ (36,750) Itemized expenses. -... 17,640 Compute Frank's regular taxable income and his regular tax liability for 2020 using the applicable tax rates for his ordinary income and alternative tax rates for other qualifying income. Ignore the net investment income tax. Upload Choose a File EXHIBIT 4-6 Individual Tax Rate Schedules for 2020 2020 Tax Rates Single If Taxable income is Over But Not Over The Tax is % on Excess of the Amount Over $ 0 $ 9,875 $ 0.00 10% 9,875 40,125 987.50 12% 40,125 85,525 4,617.50 22% 85,525 163,300 14,605 50 24% 163,300 207,350 33,271,50 32% 207,350 518,400 47,367.50 35% 518,400 156,235.00 37% 2020 Tax Rates Married Filing Jointly and Surviving Spouses W Taxable income is Over But Not Over The Tax is on + Excess $ 0 9,875 40,125 85,525 163,300 207,350 518,400 of the Amount Over $ 0 19,750 80,250 171,050 326,600 414,700 622,050 $ 19.750 $ 0.00 80,250 1.975,00 171,050 9,235 00 326,600 29.211.00 414,700 66,543 00 622,050 94,735,00 164 307.50 2020 Tax Rates Head of Household 10% 12% 22% 24% 32% 35% 37% $ 0 19,750 80.250 171,050 326,600 414,700 622,050 Il Taxable income is Over But Not Over The Taxis on + Excess Of the Amount Over 5 10% $ 5 0 14.100 53.700 $ 14,100 53.700 85,500 0.00 1,410.00 6,162.00 12% 22% 0 14,100 53,700