Do not answer in image format 12. 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 workspart time at the same university. She earns $44, 800 a year. The couple does not itemizedeductions. Other than salary, the Comers' only other source of income is from the disposition ofvarious capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains TaxRates.) a. What is the Comers' tax liability for 2023 if they report the following capital gains andlosses for the year? Short-term capital gains $ 9,900 Short-term capital losses (2,900) Long -term capital gains 15,200 Long-term capital losses (7,800) b. What is the Comers' tax liability for2023 if they report the following capital gains and losses for the year? Short-term capital gains $2,400 Short-term capital losses 0 Long-term capital gains 13,360 Long-term capital losses(10, 100)

The combined sum of various taxes that an individual taxpayer or business entity owes on the income…

Answered: 12. Matt and Meg Comer

Business

Accounting

12. Matt and Meg Comer

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter15: Choice Of Business Entity—other Considerations

Section: Chapter Questions

Problem 49P

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