@Cheyenne0528
No. It's a two step process. Technically your basis is $160K. But for capital gains, your basis is $181K. 235 -181 = $54K is taxed at 15%. $54,000 x 15% = 8100. 8100 + 5250 = $13,350 Federal (it could be less if you haven't reached the 25% cap).
The $7,825 (FTB) is only withholding. It is not your actual CA tax. You should get some of that refunded when you file your CA return. I don't think CA has capital gains rates, so the whole $75K will be taxed as ordinary income. Note that this sale means you will have to file a CA return.
For a more accurate estimate, Try this tool https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1. Enter your regular income first to see the regular tax. Then add the sale to see the effect.
Enter the difference between the sale price and what you paid for it originally as a long term capital gain (LTCG). Enter the depreciation you've taken over the years (depreciation "recapture") as other income. Depending on how much total income you have LTCG are partially taxed at 0%, 15%, 20% and/or 23.8%. Depreciation recapture is taxed at your marginal rate, but not more than 25%. The tool is not capable of applying the 25% cap on recapture.
