please show work

13. Mr. and Mrs. Carter file a joint rebum in 2020 with taxable income of $850,000 which includes ANCG of $130,000 and no other investment income. What is their total tax liability? a. $223,049 b. $229,549 c. $203,549 d. $234.489 e. None of the answers provided is correct. 14. Which of the following statements is true? a. Illegal bribes and kickbacks are deductible if related to the taxpayer's trade or business, b. Hobby expenses are deductible for AGI. C. Costs incurred in connection with the issuance of stock or securities do not quality as start-up costs. d. Sec. 162 expenses are deductible from AGI. e. None of the answers provided is correct. 15. Which of the following statements is true? a. An item is deductible i either it is the taxpayer's liability or the taxpayer pays the liability b. If a stock becomes worthless the taxpayer cannot deduct the loss since it was not sold at a loss. C. The holding period for a stock received as a nontaxable stock dividend starts on the day of receipt of the stock dividend. d. If you receive nontaxable stock rights for which you have allocated basis and allow them to expire, you have a tax-deductible loss. e. None of the answers provided is correct. 16. Ed owns 1,000 shares of Lemon Corporation common stock which he purchased in 20x1 for $22.000. On 3-30-X4 he purchases an additional 300 shares for $5,000. On 4-20-x4 he sells the original 1,000 shares for $9,000. On 5-15-X4 he purchases 100 shares of Lemon Corporation stock for $2,000. What is Ed's recognized gain or loss as a result of the sale of the stock and what is the basis of the shares purchased on 3-30-X4, respectively? a. $5,200 loss: $10,850 basis b. $7,800 loss: $ 8,900 basis c. $5.200 loss: $ 5,850 ba d. $7,800 loss, $ 5,000 basis e. None of the answers provided is correct. 17. Which of the following statements is true? a. All life insurance proceeds are excluded from income tax. b. The recipient of a disputed amount must include the amount received in gross income as long as the use of the funds is restricted but may also deduct the previously reported amount in the year of repayment. c. Foreign-earned income includes amounts paid to an employee of the U.S. government or any U.S. government agency or instrumentality d. Bribes and kickbacks paid by the taxpayer are never deductible since they are contrary to public policy e. None of the answers provided is correct. 2020 TAX RATE SCHEDULES INDIVIDUAL TAXPAYERS Single: If taxable income is: The taxis Not over $9,875 10% of taxable income Over $9,875 but not over $40,125 5987.50, plus 12% of the excess over 59,875 Over $40,125 but not over $85,525 54,617.50, plus 22% of the excess over $40,125 Over $85,525 but not over 5163.300 514,605.50, plus 24% of the excess over $85,525 Over $163,300 but not over $207,350 $33.271.50, plus 32% of the excess over $163,300 Over $207,350 but not over 5518,400 $47.367.50, plus 35% of the excess over $207,350 Over $518,400 5156,235.00, plus 37% of the excess over $518,400 Head of Household taxable income is: The taxis Not over $14,100 10% of taxable income Over $14, 100 but not over 553,700 51.410.00, plus 12% of the excess over $14,100 Over 553,700 but not over 585,500 56.162.00, plus 22% of the excess over $53,700 Over $85,500 but not over $163,300 $13,158.00, plus 24% of the excess over $85,500 Over $163,300 but not over $207,350 $31.830.00, plus 32% of the excess over $163,300 Over $207,350 but not over $518,400 $45,926.00, plus 35% of the excess over $207,350 Over 5518,400 $154,793.50, plus 37% of the excess over $518,400 Married, Filing Joint and Surviving Spouse: #taxable income is: The tax is: Not over $19,750 10% of taxable income Over $19.750 but not over $80,250 51.975.00, plus 12% of the excess over $19.750 Over $80,250 but not over $171,050 $9,235.00, plus 22% of the excess over 580,250 Over $171,050 but not over $326,600 $29,211.00, plus 24% of the excess over $171,050 Over $326,600 but not over $414,700 566,543.00, plus 32% of the excess over 5326,600 Over $414,700 but not over $622,050 594,735.00, plus 35% of the excess over $414,700 Over $622,050 5167,307.50, plus 37% of the excess over 5622,050 Married, Filing Separate If taxable income is: The tax is: Not over 59,875 10% of taxable income Over $9,875 but not over $40,125 5987.50, plus 12% of the excess over 59,875 Over $40,125 but not over $85,525 54,617.50, plus 22% of the excess over $40,125 Over 585,525 but not over $163,300 $14,605.50 plus 24% of the excess over $85.525 Over 5163,300 but not over $207,350 $33,271.50, plus 32% of the excess over S163,300 Over $207,350 but not over $311,025 S47.367.50. plus 35% of the excess over $207,350 Over 5311,025 $83,653.75. plus 37% of the excess over 5311,025 Preferential Rate Single Filing Jointly Head of Household Estates & Trusts 0% Up to $40,000 Up to $80,000 Up to 553,600 Up to $2,650 15% > $40,000 but s $441,450 > $80,000 but s $496,600 > 553,600 but s 5469,050 > 52,650 but s $13,150 20% Over $441,450 Over $496,600 Over $469,050 Over $13,150 Employee's age Premiums Under 25 25 to 29 30 to 34 35 to 39 40 to 44 45 to 49 50 to 54 55 to 59 60 to 64 65 to 69 70 and above 50.05 06 08 .09 .10 .15 23 43 66 1.27 2.06