Question
In: Accounting
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $67,400. Meg works part time at the same university. She earns $34,900 a year. The couple does not itemize deductions. Other than salary, the Comers’ only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.) (Round your final answers to the nearest whole dollar amount.)
Tax Rates for Net Capital Gains and Qualified Dividends
| Rate* | Taxable Income | ||||
|---|---|---|---|---|---|
| Married Filing Jointly | Married Filing Separately | Single | Head of Household | Trusts and Estates | |
| 0% | $0 - $80,000 | $0 - $40,000 | $0 - $40,000 | $0 - $53,600 | $0 - $2,650 |
| 15% | $80,001 - $496,600 | $40,001 - $248,300 | $40,001 - $441,450 | $53,601 - $469,050 | $2,651 - $13,150 |
| 20% | $496,601+ | $248,301+ | $441,451+ | $469,051+ | $13,151+ |
*This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose).
a. What is the Comers’ tax liability for 2020 if they report the following capital gains and losses for the year?
| Short-term capital gains | $ | 10,900 | |
| Short-term capital losses | (3,900 | ) | |
| Long-term capital gains | 16,900 | ||
| Long-term capital losses | (7,900 | ) | |
b. What is the Comers’ tax liability for 2020
if they report the following capital gains and losses for the
year?
| Short-term capital gains | $ | 1,500 | |
| Short-term capital losses | 0 | ||
| Long-term capital gains | 14,900 | ||
| Long-term capital losses | (11,900 | ) | |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $64,850. Meg works part-time
at the same university. She earns $34,150 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks). (Use the tax rate schedules,Dividends and Capital
Gains...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $68,300. Meg works part time
at the same university. She earns $33,300 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks). (Use the tax rate schedules,Dividends and Capital...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $64,700. Meg works part-time
at the same university. She earns $34,000 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks).
a.
a. What is the Comers’ tax liability...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $68,000. Meg works part time
at the same university. She earns $35,500 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks). (Use the tax rate schedules,Dividends and Capital...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $68,200. Meg works part time
at the same university. She earns $33,200 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks).
a. What is the Comers’ tax liability...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $66,450. Meg works part-time
at the same university. She earns $31,950 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks). (Use the tax rate schedules ,Dividends and Capital...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $68,400. Meg works part time
at the same university. She earns $33,400 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks).
a. What is the Comers’ tax liability...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $64,950. Meg works part-time
at the same university. She earns $34,250 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks). (Use the tax rate schedules,Dividends and Capital
Gains...
Matt and Meg Comer are married and file a joint tax return. They do not have...
Matt and Meg Comer are married and file a joint tax return. They
do not have any children. Matt works as a history professor at a
local university and earns a salary of $66,000. Meg works part-time
at the same university. She earns $31,800 a year. The couple does
not itemize deductions. Other than salary, the Comers’ only other
source of income is from the disposition of various capital assets
(mostly stocks). (Use the tax rate schedules ,Dividends and Capital...
1. Matt and Meg Comer are married and file a joint tax return. They do not...
1. Matt and Meg Comer are married and file a joint tax return.
They do not have any children. Matt works as a history professor at
a local university and earns a salary of $64,300. Meg works
part-time at the same university. She earns $33,600 a year. The
couple does not itemize deductions. Other than salary, the Comers’
only other source of income is from the disposition of various
capital assets (mostly stocks). (Use the tax rate
schedules,Dividends and Capital...
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