Required information The following information applies to the questions displayed below) During the current year, Ron and Anne sold the following assets: (Use the dividends and capital gains tax rates and tax rate schedules) Capital Asset L stock M stock N stock O stock Antiques Rental home Market Value $ 50,600 28,600 30,600 26,600 7,600 3 00,600* Tax Basis $41,300 39. 22.309 33,300 20 90,300 Holding Period > 1 year > 1 year ( 1 year 1 year > 1 year "$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property). Ignore the Net Investment Income Tax a. Given that Ron and Anne have taxable income of only $20,600 (all ordinary) before considering the tax effect of their asset sales what is their gross tax liability for 2019 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross taxabidity tax rate schedules.) Capital Asset L Stock M stock N stock O stock Antiques Rental hone Market Value $ 50, 600 28.600 30,600 26,608 7,600 309,609 Tax Basis $41,300 39,300 22,300 33,300 4,300 90,300 Holding Period > 1 year > 1 year 1 year 1 year > 1 year "$30,000 of the gain is 25 percent gain (from accumulated depreciation on the property) Ignore the Net Investment Income Tax b. Given that Ron and Anne have taxable income of $400,600 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2019 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liability Tax Rates for Net Capital Gains and Qualified Dividends Taxable Income Rate Married Filing Jointly Married Filing Separately Single Head of Household Trusts and Estates 0% 50-578,750 $0 - $39,375 $0-$39,375 50-552.750 5 0 - 52.650 159 578,751 - 3488,850 539,376 - $244.425 $39,376 - 5434,550 $52,751 - $161,700 2.651 - 512950 20% S488 851+ $244.426+ $434,551+ $461,701+ $12.951+ *This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified by the table her capital gains and qualid dividende income last for this purpose). SAMSUNG U D I-- M u cation.com/Media/Connect_Production/bne/accounting/speler ileta Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 $970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382.50 plus 24% of the excess over $84.200 $160,725 $204,100 $32,748,50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628.50 plus 35% of the excess over $204,100 $510,300 $153,798.50 plus 37% of the excess over $510,300 Schedule Y-L-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19,400 $ 78,950 $168,400 $9,086 plus 22% of the excess over $78,950 $168,400 $321,450 $28,765 plus 24% of the excess over $168.400 $321,450 $408,200 $65,497 plus 32% of the excess over $321,450 $408,200 $612,350 $93,257 plus 35% of the excess over $408,200 $612,350 - $164,709.50 plus 37% of the excess over $612,350 Schedule 2 Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13,850 10% of taxable income $ 13,850 $ 52,850 $1,385 plus 12% of the excess over $13,850 S 52.850 I S84,200 186.065 22the excess over $52.850 393 SAMSU