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Matt and Meg Comer are married and file a joint tax return. They do not have...

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Accounting

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?

Short-term capital gains$9,250
Short-term capital losses(2,250)
Long-term capital gains15,490
Long-term capital losses(6,490)

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 losses0
Long-term capital gains9,500
Long-term capital losses(9,450)

Answer & Explanation Solved by verified expert
4.1 Ratings (850 Votes)
Part A Salary 6495034250 99200 Net short term capital gain short term capital gain short term capital loss 92502250 7000 Net long term capital gain long term capital gain long term capital loss 154906490 9000    See Answer
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