Required information Problem 8-50 (LO 8-1) (Algo) [The following information applies to the questions displayed below.] Lacy is a single taxpayer. In 2020, her taxable income is $45,600. What is her tax liability in each of the following alternative situations? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations.) Problem 8-50 Part-c (Algo) c. Her $45,600 of taxable income includes $8,600 of qualified dividends. (Round your answers to 2 decimal places.) Tax liability 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over:But not over: $ 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207,350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987.50 plus 12% of the excess over $9.875 $4.617.50 plus 22% of the excess over $40.125 $14.605.50 plus 24% of the excess over $85,525 $33,271.50 plus 32% of the excess over $163,300 S47.367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518.400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1,975 plus 12% of the excess over $19,750 $ 80,250 $171,050 59.235 plus 22% of the excess over $80,250 $171,050 $326,600 $29.211 plus 24% of the excess over $171,050 $326,600 $414,700 566,543 plus 32% of the excess over $326.600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,100 10% of taxable income $ 14,100 $ 53,700 $1,410 plus 12% of the excess over $14.100 $ 53,700 $ 85,500 56.162 plus 22% of the excess over $53,700 $ 85,500 $163,300 $13.158 plus 24% of the excess over $85,500 $163,300 $207,350 $31.830 plus 32% of the excess over $163,300 $207,350 $518,400 S45.926 plus 35% of the excess over $207,350 $518,400 $154.793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,875 10% of taxable income $ 9,875 $ 40,125 $987.50 plus 12% of the excess over $9.875 $ 40,125 $ 85,525 $4.617.50 plus 22% of the excess over $40.125 $ 85,525 $163,300 $14.605.50 plus 24% of the excess over $85,525 $163,300 $207,350 $33.271.50 plus 32% of the excess over $163,300 $207,350 $311,025 $47.367.50 plus 35% of the excess over $207,350 $311,025 S83.653.75 plus 37% of the excess over $311,025 Tax Rates for Net Capital Gains and Qualified Dividends Rate* 0% 15% 20% Married Filing Jointly $0 - $80,000 $80,001 - $496,600 $496,601+ Married Filing Separately $0 - $40,000 $40,001 - $248,300 $248.301+ Taxable Income Single $0 - $40,000 $40,001 - $441,450 $441,451+ Head of Household SO - $53,600 $53,601 - $469,050 $469.051+ Trusts and Estates SO - $2.650 $2,651 - $13.150 $13.151+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose)