What is the comers tax liability

Question # 00767688 Posted By: Riley405 Updated on: 06/25/2020 05:43 PM Due on: 06/30/2020
Subject Finance Topic Finance Tutorials:
Question
Dot Image

 

Matt and Meg Comer are married and file a joint re... Matt and Meg Comer are married and file a joint return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $64,000. Meg works part-time at the same university. She earns $21,000 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 2016 tax rate schedules.) (Round final answers to the nearest whole dollar amount.)

What is the Comers’ tax liability for 2016 if they report the following capital gains and losses for the year?

Short-term capital gains$9,000

Short-term capital losses (2,000)

Long-term capital gains 15,000

Long-term capital losses (6,000)

 

Dot Image

Click chat on right side to get answer. Click on Chat
Whatsapp Lisa