Required information Problem 7-45 (LO 7-2) (Algo) [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 $69,100. Meg works part time at the same university. She earns $43,900 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 $ 9,450 (2,450) 15,200 (6,900) Tax Rates for Net Capital Gains and Qualified Dividends Rate* Married Filing Jointly 0% $0 - $89,250 15% $89,251 $553,850 20% $553,851+ Married Filing Separately $0 - $44,625 $44,626 - $276,900 $276,901+ Taxable Income Single $0 - $44,625 $44,626 $492,300 $492,301+ Head of Household $0 - $59,750 $59,751 - $523,050 $523,051+ Trusts and Estates $0-$3,000 $3,001 - $14,650 $523,051+
Required information Problem 7-45 (LO 7-2) (Algo) [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 $69,100. Meg works part time at the same university. She earns $43,900 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 $ 9,450 (2,450) 15,200 (6,900) Tax Rates for Net Capital Gains and Qualified Dividends Rate* Married Filing Jointly 0% $0 - $89,250 15% $89,251 $553,850 20% $553,851+ Married Filing Separately $0 - $44,625 $44,626 - $276,900 $276,901+ Taxable Income Single $0 - $44,625 $44,626 $492,300 $492,301+ Head of Household $0 - $59,750 $59,751 - $523,050 $523,051+ Trusts and Estates $0-$3,000 $3,001 - $14,650 $523,051+
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
Problem 7-45 (LO 7-2) (Algo)
[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 $69,100. Meg works part time at the same university. She earns
$43,900 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
$ 9,450
(2,450)
15,200
(6,900)
Tax Rates for Net Capital Gains and Qualified Dividends
Rate*
Married Filing Jointly
0%
$0 - $89,250
15%
$89,251 $553,850
20%
$553,851+
Married Filing Separately
$0 - $44,625
$44,626 - $276,900
$276,901+
Taxable Income
Single
$0 - $44,625
$44,626 $492,300
$492,301+
Head of Household
$0 - $59,750
$59,751 - $523,050
$523,051+
Trusts and Estates
$0-$3,000
$3,001 - $14,650
$523,051+](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff5057ed1-7e48-4574-99cd-78d85d5e8dda%2F305dfea2-e6a1-4400-a38e-82e5abf3c03b%2Fre1e26x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
Problem 7-45 (LO 7-2) (Algo)
[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 $69,100. Meg works part time at the same university. She earns
$43,900 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
$ 9,450
(2,450)
15,200
(6,900)
Tax Rates for Net Capital Gains and Qualified Dividends
Rate*
Married Filing Jointly
0%
$0 - $89,250
15%
$89,251 $553,850
20%
$553,851+
Married Filing Separately
$0 - $44,625
$44,626 - $276,900
$276,901+
Taxable Income
Single
$0 - $44,625
$44,626 $492,300
$492,301+
Head of Household
$0 - $59,750
$59,751 - $523,050
$523,051+
Trusts and Estates
$0-$3,000
$3,001 - $14,650
$523,051+
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