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What will be their total tax liability

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Problem - In November 2018, Ben and Betty (married, filing jointly) have a long-term capital gain of $54,000 on the sale of stock. They have no other capital gains and losses for the year. Their ordinary income for the year after the standard deduction is $72,500, making their total taxable income for the year $126,500 ($72,500 + $54,000). In 2018, married taxpayers pay 0 percent on long-term gains up to $77,200. What will be their 2018 total tax liability assuming a tax of $8,322 on the $72,500 of ordinary income?

a. $8,322

b. $15,717

c. $16,422

d. $19,712

Reference no: EM132704363

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