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 $69,000. Meg works part time at the same university. She earns $34,000 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).

b) What is the Comers tax liability for 2020 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		14,000
Long-term capital losses		(11,000

Per the tax schedules provided, I have copied & pasted for married filing jointly:

If it is over: But not over: The tax is:

$ 19,750	$ 80,250	$1,975 plus 12% of the excess over $19,750
$ 80,250	$171,050	$9,235 plus 22% of the excess over $80,250

Tax Rates for Net Capital Gains and Qualified Dividends

Rate for married filing jointly:

0% $0-$80,000

15% $80,001-496,600

20% $496,601+