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 $69,000. Meg works part time at the same university. She earns $35,000 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). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains $ 11,000 Short-term capital losses (3,000) Long-term capital gains Long-term capital losses 17,000 (7,000)
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 $69,000. Meg works part time at the same university. She earns $35,000 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). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains $ 11,000 Short-term capital losses (3,000) Long-term capital gains Long-term capital losses 17,000 (7,000)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 $69,000. Meg works part time at the same university. She earns
$35,000 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). (Use the tax rate schedules, Dividends and Capital Gains Tax
Rates.)
What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year?
Short-term capital gains
$ 11,000
Short-term capital losses
(3,000)
Long-term capital gains
17,000
Long-term capital losses
(7,000)
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