Using 2021 rate and schedule

Required information Problem 7-48 (LO 7-2) (Algo) (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.) Holding Period Capital Asset L stock M stock N stock Ostock Antiques Rental home Market Value $ 54,200 32,200 34,200 30, 200 11,200 304, 200* Tax Basis $ 43,100 41,100 24,100 35,100 6,100 92,100 > 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. Problem 7-48 Part-a (Algo) a. Given that Ron and Anne have taxable income of only $24,200 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability Required information Problem 7-48 (LO 7-2) (Algo) (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.) Holding Period Capital Asset L stock M stock N stock Ostock Antiques Rental home Market Value $ 54,200 32,200 34,200 30, 200 11,200 304, 200* Tax Basis $ 43,100 41,100 24,100 35,100 6,100 92,100 > 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. Problem 7-48 Part-a (Algo) a. Given that Ron and Anne have taxable income of only $24,200 (all ordinary) before considering the tax effect of their asset sales, what is their gross tax liability for 2021 assuming they file a joint return? Gross tax liability