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 $66,900. Meg works part time at the same university. She earns $36,800 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.)

Note: Round your final answers to the nearest whole dollar amount.

Problem 7-45 Part-a (Algo)

a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year?

Short-term capital gains	$ 12,800
Short-term capital losses	(3,900)
Long-term capital gains	18,800
Long-term capital losses	(7,900)

Tax Rates for Net Capital Gains and Qualified Dividends

Rate*	Taxable Income
	Married Filing Jointly	Married Filing Separately	Single	Head of Household	Trusts and Estates
0%	$0 - $83,350	$0 - $41,675	$0 - $41,675	$0 - $55,800	$0 - $2,800
15%	$83,351 - $517,200	$41,676 - $258,600	$41,676 - $459,750	$55,801 - $488,500	$2,801 - $13,700
20%	$517,201+	$258,601+	$459,751+	$488,501+	$13,701+

*This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table (net capital gains and qualified dividends are included in taxable income last for this purpose).

b. What is the Comers' tax liability for 2022 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	14,900
Long-term capital losses	(11,900)