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Matt and Meg Comer are married and file a joint return. They do not have children. Matt works as a history professor and warns a

Matt and Meg Comer are married and file a joint return. They do not have children. Matt works as a history professor and warns a salary of $70,000. Meg works part time and earns $43,000 a year. The couple does not itemize and has income from various capital assets. What is the Comer's tax liability for 2023 if they report the following capital gains and losses for the year? image text in transcribed
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Matt and Meg Comer are marrled 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 $70,000. Meg works part time at the same university She earns $43,000 a year. The couple does not itemize deductions. Other than salary, the Comers' only other 50 ource of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capltal Gains Tax Rates.) a. What is the Comers' tax Irablity for 2023 if they report the following capital gains and losses for the year? Note: Round your finel answer to the nearest whole doller amount. Tax Rates for Net Capital Gains and Qualified Dividends This rate applies to the net capital gains and qualified dividends that fall within the range of faxable income speciffed in the fable (nut capital gans and qualfied diri income last for this ptopose). Schedule Y-1-Married Filing Jointly or Qualifying surviving spouse \begin{tabular}{|c|c|c|} \hline If taxable income is over: & But not over: & \multicolumn{1}{|c|}{ The tax is: } \\ \hline$0 & $22,000 & 10% of taxable income \\ \hline$22,000 & $89,450 & $2,200 plus 12% of the excess over $22,000 \\ \hline$89,450 & $190,750 & $10,294 plus 22% of the excess over $89,450 \\ \hline$190,750 & $364,200 & $32,580 plus 24% of the excess over $190,750 \\ \hline$364,200 & $462,500 & $74,208 plus 32% of the excess over $364,200 \\ \hline$462,500 & $693,750 & $105,664 plus 35% of the excess over $462,500 \\ \hline$693,750 & - & $186,601.5 plus 37% of the excess over $693,750 \\ \hline \end{tabular}

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