1.

professor at a local university and earns a salary of $64,050. Meg works part-time at the same university. She earns $31,150 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.) (Round final answers to the nearest whole dollar amount.)

a. What is the Comers tax liability for 2018 if they report the following capital gains and losses for the year?

Short-term capital gains

$

9,030

Short-term capital losses

(2,030

)

Long-term capital gains

15,050

Long-term capital losses

(6,050

)

2.

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 $64,050. Meg works part-time at the same university. She earns $31,150 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.) (Round final answers to the nearest whole dollar amount.)

b. What is the Comers tax liability for 2018 if they report the following capital gains and losses for the year?

Short-term capital gains	$	1,500
Short-term capital losses		0
Long-term capital gains		13,060
Long-term capital losses		(10,030	)
3. Christopher sold 120 shares of Cisco stock for $7,080 in the current year. He purchased the shares several years ago for $2,880. Assuming his ordinary income tax rate is 24 percent, and he has no other capital gains or losses, how much tax will he pay on this gain? (Use the dividends and capital gains tax rates and t