Matt and Meg
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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
| Short-term capital gains | $ 1,500 |
|---|---|
| Short-term capital losses | 0 |
| Long-term capital gains | 15,100 |
| Long-term capital losses | (12,100) |
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- Paul, age 40 and single, has an 8-year-old son, Larry. Larry resides with his mother, Susan, in her home. Pursuant to the terms of their divorce, Paul properly claims Larry as a dependent on his income tax return. Paul pays child support payments to his ex-wife for the support of his child. Susan does not claim Larry as her dependent, but she does bear the economic burden of supporting the household in which they reside. What is the maximum amount of the 2020 standard deduction that Susan qualifies for? Oa. $12,400 Оb. S18,650 Oc. $20,300 а. Od. $24,800 Oe. Susan does not qualify for claiming a standard deduction. е.Chandler and Cassidy are married and file a joint return. Chandler is age 66, and Cassidy is age 68. They report the following income items: Dividend eligible for 0% preferential rate $ 3,600 Capital gain eligible for 0% preferential rate 3,100 Chandler’s salary 44,375 Their itemized deductions totaled $6,790, and they have no dependentsMatt 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 $69,900. 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). (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-b (Algo) b. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? $ 1,500 0 Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability 13,100 (10,100)
- ! 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 $69,800. Meg works part time at the same university. She earns $43,200 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). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. b. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? $ 1,600 0 Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability 13,040 (10,100)Frankie lives in NJ, is divorced with one child, and made $80,000 last year. He qualified for several below the line, itemizable deductions (He paid $5,600 in mortgage interest, $9,500 in property taxes, and he donated $550 worth to charity during the year). Frankie can claim one child tax credit of $2,000. His ex-spouse agreed that he can claim head of household this year. Use the Income Tax Table Reference Sheet to answer the following questions. 1. Should Frankie itemize his taxes or take the standard deduction? * A. Itemize B. Standard Please answer very soon will give rating surelyDomestic
- Mike and Ashlyn are married and filed jointly. Their combined wages were $75,300. They earned $2000 from a rental property they own, and they received $1650 in interest. They claimed a total of four exemptions for themselves and two children. They contributed $3240 to their tax-deferred retirement plans, and their itemized deductions total $9610. Determine whether they should itemize or take the standard deduction. Then compute their taxable income. (Do NOT compute what they actually owe in income taxes.)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 $69,800. Meg works part time at the same university. She earns $43,200 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). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. 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 $ 9,100 (2,100) 15,200 (6,200)[The following information applies to the questions displayed below.] Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The Jacksons file a joint tax return. The couple received salary income of $95,500 and qualified business income of $19,500 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $247,500 and they sold it for $297,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,400 of itemized deductions, and they had $4,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Comprehensive…
