Use the following table for this question: Single: If Taxable Income Is: Not over $9,875 Over $9,875 but not over $40,125 Over $40,125 but not over $85,525 Over $85,525 but not over $163,300 Over $163,300 but not over $207,350 Over $207,350 but not over $518,400 Over $518,400 Standard Deduction Single - $12,400 MFJ- $24,800 Additions for age and the blind Single - $1,650 The Tax Is: 10% of the taxable income $988 plus 12% of the excess over $9,875 $4,618 plus 22% of the excess over $40,125 $14,606 plus 24% of the excess over $85,525 $33,272 plus 32% of the excess over $163,300 $47,368 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 4 MFJ - $1,300 Capital Gains Rates Individuals taxed at: Rate Single Taxable income MFJ Taxable Income 0% Up to $40,000 Up to $80,000 15% > $40,000 but Capital Gains Rates Individuals taxed at: Rate Single Taxable income 0% Up to $40,000 MFJ Taxable Income Up to $80,000 15% > $40,000 but $80,000 but $496,600 20% Over $441,450 Over $496,600 B, a single taxpayer, is 68 years old with good vision and has income and deductions for 2020 that are summarized as follows: Municipal Bond Interest $5,500 Bank Interest $3,500 Wages $98,000 Received Gift $3,000 Received Qualified Dividends $5,000 4 Received Alimony (from a divorce settlement prior to 2018) $3,000 Sold Stock A for $6,000 on 12/11/20. Purchased stock A for $2,500 on 3/1/20 Sold Stock B for $6,000 on 11/10/20. Purchased stock B for $9,000 on 10/1/18. Non-refundable income tax credit $300 Federal income tax withheld $12,100 Itemized Deductions $4,900 Deductions for A.G.I. $3,000 1) What is B's tax due or (refund) for 2020 tax year? 2) What is B's Marginal tax rate? 3) What is B's Effective tax rate? S In the text box provided, show the tax formula and calculate the appropriate rates