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First pic is the question, second is my work (some of it, scrap paper) Been at this for an HOUR! can't get the right answer
First pic is the question, second is my work (some of it, scrap paper) Been at this for an HOUR! can't get the right answer PLEASE HELP ME
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 $67,800. Meg works part time at the same university. She earns $35,300 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 your final answers to the nearest whole dollar amount.) a. What is the Comers' tax liability for 2020 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 $11,300 (4,300) 17,300 (8,300) Answer is complete but not entirely correct. Total tax liability $ 15,906 % ie7, 800+ 35,300 - 103, 100 SH TR CG -> 7000 -LT CG7 9,000 AGI-> 119, 100 (24,800) Tax Income 94,300 (9, or = 85,300 Ordinary rate 45,115 14,554 9.000 15% 4 1,350 15,906Step by Step Solution
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