Matt and Meg Comer are married and file a joint tax return. Theydo not have any children. Matt works as a history professor at alocal university and earns a salary of $64,950. Meg works part-timeat the same university. She earns $34,250 a year. The couple doesnot itemize deductions. Other than salary, the Comers’ only othersource of income is from the disposition of various capital assets(mostly stocks). (Use the tax rate schedules,Dividends and CapitalGains Tax Rates.) (Round your final answers to the nearestwhole dollar amount.)
a. What is the Comers’ tax liability for 2019if they report the following capital gains and losses for theyear?
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| Short-term capital gains | $ | 9,250 | |
| Short-term capital losses | | (2,250 | ) |
| Long-term capital gains | | 15,490 | |
| Long-term capital losses | | (6,490 | ) |
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b. What is the Comers’ tax liability for 2019if they report the following capital gains and losses for theyear?
| | | |
| Short-term capital gains | $ | 1,500 | |
| Short-term capital losses | | 0 | |
| Long-term capital gains | | 9,500 | |
| Long-term capital losses | | (9,450 | ) |
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