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 $9,235 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 $66,543 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 In 2020, Tom and Amanda Jackson (married filing jointly) have $224,000 of taxable income before considering the following events: (Use the dividends and capital gains tax rates and tax rate schedules.) a. On May 12, 2020, they sold a painting (art) for $113,000 that was inherited from Grandma on July 23, 2018. The fair market value on the date of Grandma's death was $91,500 and Grandma's adjusted basis of the painting was $25,600. b. They applied a long-term capital loss carryover from 2019 of $10,300. c. They recognized a $12,150 loss on the 11/1/2020 sale of bonds (acquired on 5/12/2010). d. They recognized a $4,180 gain on the 12/12/2020 sale of IBM stock (acquired on 2/5/2020). e. They recognized a $17,720 gain on the 10/17/2020 sale of rental property (the only $1231 transaction), of which $8,480 is reportable as gain subject to the 25 percent maximum rate and the remaining $9,240 is subject to the 0/15/20 percent maximum rates (the property was acquired on 8/2/2014). f. They recognized a $12,300 loss on the 12/20/2020 sale of bonds (acquired on 1/18/2020). g. They recognized a $7,150 gain on the 6/27/2020 sale of BH stock (acquired on 7/30/2011). h. They recognized an $11,300 loss on the 6/13/2020 sale of Quik Co stock (acquired on 3/20/2013). i. They received $620 of qualified dividends on 7/15/2020. After completing the required capital gains netting procedures, what will be the Jacksons' 2020 tax liability? (Do not round intermediate calculations.) Total tax liability