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 $64,200. Meg works part-time at the same university. She earns $31,200 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	$	9,040
Short-term capital losses		(2,040	)
Long-term capital gains		15,070
Long-term capital losses		(6,070	)

Total tax liability:

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		13,080
Long-term capital losses		(10,040	)

Total tax liability:

Schedule X-Single Schedule Z-Head of Household If tasable income i over But not over The tax i If taxable income is over But not overi 13,600 51,800 $ 82,500 $157,500 The tar i 9,525 38,700 82,500 10% of trable income S 9.525 5 38,700 82.500 157500 10% of taxable income $1,360 plus 12% ofthe excess over $13,000 $5.944 pla! 22% of the excess over $51,500 $12,696 plus 24% of the mass our $22,500 30,696 plus 32% ofthe excess over $157,500 $44,296 plus 35% of the excess over $200,000 $149.296 plus 37% of the 6 sets over $500,000 5952.50 plus 12% of the excess over S 9325 453.50 plat 22% of theucec1 over $38,700 $14,089.50 pm 24% of the mess ow $82,500 532,009.50 plus 32% of the excess over $157,500 $45.689.50 plus 35% of the excess over $200,000 $150,689.50 plus 37% of the emeess over $500,000 $ 13,600 5 51,800 $ 82500 $157.500 Schedule Y-1-Married Filing Jointty or Qualitying Widom(er) Schedule Y-2-Married Filing Separately If taxable income is over The tax is The tar i But not over S 19.050 77,400 If taxable income is over But not over S 19,050 $ 77,400 $165.000 $313.000 10% of taxable income $1,905 plus 12% ofthe anata over $19,050 sa.907 plus 22% ofthe encess over $77,400 ca.179 plas 24% of the excess over $165,000 564.179 pm32% of the excess over S315.000 $91,579 pla: 35% of the encets over $400,000 $161,379 plus 37% of the ence" over $600,000 S 9,525 $ 38,700 $82,500 157.500 $ 9.325 S 38,700 S 82,500 $157.500 10% of taxable income $952.50 plus 12% of the as ow $9,525 $4,453.50 plus 22% of the ocess over $38,700 $14,089.50 plus 24% of the excess over $82,500 $32,089.50 plus 32% of the excess over S15300 $45,689.50 plus 35% of the "cess over $200,000 sso,689.50 plus 37% of the ocess over $300,000 $315,000 Here are the dividend and capital gains brackets for 2018: Qualified Dividend & Cap Gain Tax Rate Single Filers Head of Household Joint Filers 0% $0- $51,700 $0 $38,600 $77,200 $38,601 $425,800 $479,000 $452,400 > $425,800 >$479,000 >$452,400 $0 15% $77,201 $51,701 20%