!Required informationProblem 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 $69,600. Megworks part time at the same university. She earns $33,800 a year. The couple does notitemize deductions. Other than salary, the Comers' only other source of income is from thedisposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.)Note: Round your final answers to the nearest whole dollar amount.Problem 7-45 Part-a (Algo)a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year?$ 9,800(2,400)Short-term capital gainsShort-term capital lossesLong-term capital gainsLong-term capital losses15,800(6,400)Total tax liability b. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year?$ 1,500Short-term capital gainsShort-term capital lossesLong-term capital gainsLong-term capital losses013,400(10,400)Total tax liability

long-term capital gains tax The long-term capital gains tax rates for the 2022 and 2023 tax…

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What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.

Question

b. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year?
$ 1,500
Short-term capital gains
Short-term capital losses
Long-term capital gains
Long-term capital losses
0
13,400
(10,400)
Total tax liability

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