Chapter 7 Homework Stved Help Required information [The following information applies to the questions displayed below Pert 1 of 2 During the current year, Ron and Anne sold the following assets: (Use the dividends and.copitelgains.tax.retes and tax rate schedules.) 10 points Capital Asset Market Value $ 50,000 28,000 30,000 26,000 7,000 300,000 Tax Basis $41,000 39,000 22,000 33,000 Holding Period 1 year 1 year 1 year 1 year 1 year 1 year L stock M stock N stock 0 stock Antiques Rental home oBook Pint 4,000 90,000 References "$30,000 of the goin 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 $20,000 (all ordinary) before considering the tox effect of their asset seles. what is their gross tax liebility for 2018 assuming they file a joint return? (Round ell your intermediate computations to the nearest whole doller emount.) Hequired intormation The following information applies to the questions displayed below During the current year, Ron and Anne sold the following assets: (Use the dividends and capitel gains tax rates and tax rate schedules) Capital Asset Market Value $ 5e,000 28,000 30,000 26,000 7,000 300,000* Tax Basis $41,000 39,000 22,000 33,000 4,000 90,000 Holding Period 1 year >1 year 1 year 1 year L stock M stock N stock 0 stock Antiques Rental home $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 toxable income of $400,000 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2018 assuming they file a joint return? (Round all your intermediate computations to the nearest whole dollar amount.) Gross tax liablity Prey Cuidlet Ex Kales for Net Capital Gains and Qualified Dividends Taxable Income Married Filing Jointly Rate* Married Filing Separately Single Head of Household Trusts and Estates $0-$77,200 $77,201-$479,000 $479,000+ 0% $0-$38.600 $0-$51,700 $0-$38,600 $38.601 $425,800 $0-$2.600 15% $38,601-$239,500 $51,701 -$452,400 $2,601-$12.700 20% $239,500+ $12,701+ $425,801+ $452,401+ 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 c income last for this purpose). chedule Y-1-Married Filing Jointly Qualifying Widow (er) or f taxable income is over: But not over: The tax is: $ 19,050 S 0 10% of taxable income $ 19,050 $ 77,400 $1,905 plus 12% of the excess over $19,050 $ 77,400 $165,000 $8,907 plus 22% of the excess over $77,400 $165,000 $315,000 $28.179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32 % of the excess over $315,000 $400,000 $600,000 $91,379 plus 35% of the excess over $400,000 $600,000 $161,379 plus 37 % of the excess over $600,000 2018 Tax Rate Schedules Individuals Schedule X-Single The tax is: If taxable income is over: But not over: S 9,525 10% of taxable income $ $952.50 plus 12% of the excess over $9,525 $ 9,525 $ 38,700 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24 % of the excess over $82,500 $32,089.50 plus 32% of the excess over $157,500 $45,689.50 plus 35% of the excess over $200,000 $150,689.50 plus 37% of the excess over $500,000 $ 82,500 38,700 $ 82,500 $157,500 $157,500 $200,000 $200,000 $500,000 $500,000 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: $ 19,050 S 77,400 The tax is: 10% of taxable income $1,905 plus 12% of the excess over $19,050 $8.907 plus 22% of the excess over $77,400 $28,179 plus 24% of the excess over $165,000 $64,179 plus 32% of the excess over $315,000 $ 0 $ 19,050 $ 77,400 $165,000 $315,000 $165,000 $400,000 $315,000 $91,379 plus 35% of the excess over $400,000 $600,000 $400,000 $600,000 $161.379 plus 37% of the excess over $600,000 Schedule Z-Head of Household The tax is: If taxable income is over: But not over: Schedule Z-Head of Household The tax is: If taxable income is over: But not over: 10% of taxable income $ 13,600 $ S 51,800 $1,360 plus 12 % of the excess over $13,600 13,600 $5,944 plus 22% of the excess over $51,800 S 51,800 $ 82,500 82,500 $12,698 plus 24% of the excess over $82,500 $30,698 plus 32% of the excess over $157,500 $44,298 plus 35% of the excess over $200,000 $149,298 plus 37% of the excess over $500,000 $157,500 $200,000 $157,500 $500,000 $200,000 $500,000 Schedule Y-2-Married Filing Separately The tax is: If taxable income is over: But not over: 10% of taxable income $ 9,525 0 $ 38.700 sover $9,525 $952.50 plus 12% of the excess S9,525 $4,453.50 plus 22% of the excess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $32,089.50 plus 32% of the excess over $157,500 $45,689.50 plus 35% of the excess over $200,000 $80,689.50 plus 37% of the excess over $300,000 S 82,500 $ 38,700 S 82,500 $157,500 $200,000 $157,500 $300,000 $200,000 $300,000