Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a historyprofessor at a local university and earns a salary of $69,000. Meg works part time at the same university. She earns$51,000 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income isfrom the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.)a. What is the Comers' tax liability for 2024 if they report the following capital gains and losses for the year?Note: Round your final answer to the nearest whole dollar amount.Short-term capital gainsShort-term capital lossesLong-term capital gainsLong-term capital lossesTotal tax liability$ 9,500(2,500)15,200(7,000)S---

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Answered: Matt and Meg Comer are married and file…

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 23CE

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Bill and Anne Chambers are married and file a joint return. They have no children. Their college friend Ryan lived with them for the entire current tax year. Ryan is 40 years old and earned 2,000 at a part-time job and received 25,000 in municipal bond interest. Ryan is a citizen of the United States and is unmarried. Which of the following statements is true regarding claiming Ryan as a dependent on the Chamberses tax return? a. If Ryan earns 15,000 in self-employment income in addition to the part-time job and municipal bond interest, he will qualify as a dependent on the Chamberses tax return. b. Ryan qualifies as a dependent for the Chamberses under the qualifying child rules. c. As long as Ryan does not provide more than half of his own support, he qualifies as a dependent for the Chamberses under the qualifying relative rules because he lived with them for the entire year. d. As long as the Chamberses provide more than half of Ryans support, he qualifies as a dependent for the Chamberses under the qualifying relative rules.
Dana and Larry are married and live in Texas. Dana earns a salary of $45,000 and Larry has $25,000 of rental income from his separate property. If Dana and Larry file separate tax returns, what amount of income must Larry report? $0 $22,500 $25,000 $47,500 None of the above
Sheila, a single taxpayer, is a retired computer executive with a taxable income of 100,000 in the current year. She receives 30,000 per year in tax-exempt municipal bond interest. Adam and Tanya are married and have no children. Adam and Tanyas 100,000 taxable income is comprised solely of wages they earn from their jobs. Calculate and compare the amount of tax Sheila pays with Adam and Tanyas tax. How well does the ability-to-pay concept work in this situation?
Otto and Monica are married taxpayers who file a joint tax return. For the current tax year, they have AGI of $80,300. They have excess depreciation on real estate of $67,500, which must be added back to AGI to arrive at AMTI. The amount of their mortgage interest expense for the year was $25,000, and they made charitable contributions of $7,500. If Otto and Monica's taxable income for the current year is $47,800 determine the amount of their AMTI. _______________________________________________________________________
Christine is a single 50 -year-old taxpayer with no dependents, Her only income is $ 40,750 of wages. Calculate her taxable income and her tax liability. Please show your work. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Chelsea, who is single, purchases land for investment purposes in 2014 at a cost of 22,000. In 2019, she sells the land for 38,000. Chelseas taxable income without considering the land sale is 100,000. What is the effect of the sale of the land on her taxable income, and what is her tax liability?
Bonnie is married and has one child. She owns Bonnies Rib Joint, which produces a taxable income of approximately 120,000 per year. a. Assume that Bonnies taxable income is 40,000 without considering the income from the rib joint. How much tax will she pay on the 120,000 of income from the rib joint? b. You work for the firm that prepares Bonnies tax return. Bonnie has asked the partner for whom you work to advise her on how she might lower her taxes. The partner has assigned you this task. Draft a memorandum to the partner that contains at least two options Bonnie could use to lower her taxes. For each option, explain the calculations that support the tax savings from your recommendation.
Leroy and Amanda are married and have three dependent children. During the current year, they have the following income and expenses: Salaries 120,000 Interest income 45,000 Royalty income 27,000 Deductions for AGI 3,000 Deductions from AGI 9,000 a. What is Leroy and Amandas current year taxable income and income tax liability? b. Leroy and Amanda would like to lower their income tax. How much income tax will they save if they validly transfer 5,000 of the interest income to each of their children? Assume that the children have no other income and that they are entitled to a 1,050 standard deduction.
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 $66,700. Meg works part time at the same university. She earns $37,200 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). What is the Comers' tax liability for 2022 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 15,100 Long-term capital losses (12,100)
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 $70,200. 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 for 2021 if they report the following capital gains and losses for the year? Short-term capital gains $ 12,000Short-term capital losses (5,000)Long-term capital gains 18,000Long-term capital losses (9,000) b. What is the Comers’ tax liability for 2021 if they report the following capital gains and losses for the year? Short-term capital gains $ 1,500Short-term capital losses 0Long-term capital gains 16,000Long-term capital losses (13,000)
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). Short-term capital gains $ 1,500 Short-term capital losses 0 Long-term capital gains 13,200 Long-term capital losses (10,200 ) It's not $9105....
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 $44,800 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 Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. Problem 7-45 Part-a (Algo) a. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability $ 9,900 (2,900) 15, 200 (7,800)

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