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Homework Answers
ANSWER :-
| Matt's Salary | $64,000.00 | |
| Meg's Salary | $33,000.00 | |
| Net Short term Capital gain($9000-$2000) | $7,000.00 | |
| Net Long Term Capital gain($15000-$6000) | $9,000.00 | |
| Annual Gross Income | $1,13,000.00 | |
| Less: Standard Deduction | $-24,400.00 | |
| Taxable Income | $88,600.00 | |
| Less: Income taxed at prefential tax rate | $-9,000.00 | |
| Income Taxed at ordinary rate |
$79,600.00 |
|
| Income Tax Due=(($9086+22%*($79600-$78950)) | $9,229.00 | |
| Long Term Liability=9000*15% | $1,350.00 | |
| Total Tax Liability | $10,579.00 | |
| Total Tax Liability(Nearest Dollar) | $10580 | |
| Net Short term Capital gain | Net Long Term Capital Gain | |
| Long Term Capital gain | $15,000.00 | |
| Short term capital gain | $9,000.00 | |
| Less: Short term capital loss | $-2,000.00 | |
| Less: Long Term Capital loss | $-6,000.00 | |
| Net Short Term Capital gain/Net Long term capital gain | $7,000.00 | $9,000.00 |
| Ordinary Income Tax Rates applicable to ordinary income and Short term capital gains | ||
| Tax Rate (Married Filing Jointly) | Marginal Tax Rate | Tax Owed |
| 0-19400 | 10% | 10% of taxable Income |
| 19400-78950 | 12% | $1940+12%of income over $19400 |
| 78950-168400 | 22% | $9086+22% of Income over $78950 |
| 168400-321450 | 24% | $28765+24% of Income over $168400 |
| Long Term Capital Gains Tax rate | ||
| Tax Rate | Married Filed Jointly | |
| 0% | 0-$78750 | |
| 15% | $78751-$488850 | |
| 20% | $488851+ | |
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Required information (The following information applies to the questions displayed below.] Matt and Meg Comer are...
Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are...
Required information [The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 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...
Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are...
Required information [The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 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...
Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are...
Required information [The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 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...
Required information [The following information applies to the questions displayed below.) Matt and Meg Comer are...
Required information [The following information applies to the questions displayed below.) 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 $64,050. Meg works part-time at the same university. She earns $33,350 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...
Required information The following information applies to the questions displayed below.] Matt and Meg Comer are marri...
Required information The following information applies to the questions displayed below.] 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 $63,950. Meg works part time at the same university. She earns $33,250 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various...
Required information [The following information applies to the questions displayed below.) Matt and Meg Comer are marr...
Required information [The following information applies to the questions displayed below.) 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 $63,950. Meg works part- time at the same university. She earns $33,250 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various...
Required information The following information applies to the questions displayed below.) Matt and Meg Comer are...
Required information The following information applies to the questions displayed below.) 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 $64.000. Meg Works part-time at the same university. She earns $33,000 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...
Required information Problem 7-45 (LO 7-2) [The following information applies to the questions displayed below.] Matt...
Required information Problem 7-45 (LO 7-2) [The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the...
Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are...
Required information [The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 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...
Required information Problem 7-45 (LO 7-2) (The following information applies to the questions displayed below.] Matt...
Required information Problem 7-45 (LO 7-2) (The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the...
Required information [The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 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...
Required information [The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 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...
Required information [The following information applies to the questions displayed below.) 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 $64,050. Meg works part-time at the same university. She earns $33,350 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...
Required information The following information applies to the questions displayed below.] 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 $63,950. Meg works part time at the same university. She earns $33,250 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various...
Required information [The following information applies to the questions displayed below.) 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 $63,950. Meg works part- time at the same university. She earns $33,250 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various...
Required information The following information applies to the questions displayed below.) 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 $64.000. Meg Works part-time at the same university. She earns $33,000 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...
Required information Problem 7-45 (LO 7-2) [The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the...
Required information [The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 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...
Required information Problem 7-45 (LO 7-2) (The following information applies to the questions displayed below.] 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 $64,000. Meg works part-time at the same university. She earns $33,000 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the...
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