Required information Problem 7-45 (LO 7-2) (Algo) (The following information applies to the questions displayed below.) Ned and Nance are married and file a joint tax return. They do not have any children. Ned works as a history professor at a local university and earns a salary of $68,000. Nance works part time at the same university. She earns $35,500 a year. The couple does not itemize deductions. Other than salary, Ned and Nance's only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) (Round your final answers to the nearest whole dollar amount.) Problem 7-45 Part-b (Algo) b. How much is Ned and Nance's tax liability for 2020 if they report the following capital gains and losses for the year? $ 1,000 Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses 15,500 (12,500) Total tax liability