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 $65,850. meg
works part time at the same university. she earns $31,750 a year.
the couple does not itemized deductions. other than salary, the
comer only other source of income is from the disposition of
various capital assets (most stocks). (use the tax rate schedule,
dividends and capital gains tax rates. ) (round final answer to the
nearest whole dollar amount.)
a) what is the comer tax liability for 2018 if they report the
following capital gains and losses for the year?
short term capital gains $9,150
short term capital losses $(2,150)
long term capital gains $15,290
long term capital losses $(6,290)
total tax liability
b) what is the comer tax liability for 2018 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 $11,580
long term capital losses $(10,150)
total tax liability
can you please type it out
a) tax on income = 0.4(65850+31750) = $ 39040
On short term capital gains = 0.4(9150-2150) = 2800
For joint return the long term capital gains are not Taxable upto $77201
So tax liablity = 39040+ 2800 = $41840
b)tax on income same as a = 39040
short term capital gains 0.4(1500) = 600
Tax liability = $30640
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 $63,800. Meg works part-time at the same university. She earns $33,100 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 for...
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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...