Question
Matt and Meg Comer are married. They do not have any children. Matt works as a history professor at a local university and earns a
Matt and Meg Comer are married. They do not have any children. Matt works as a history professor at a local university and earns a salary of $64,000. Meg works part-time at the same university. She earns $21,000 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).Assume they file a joint return. (Use thetax rate schedules.)(Round final answers to the nearest whole dollar amount.)
b.What is the Comers' tax liability for 2017 if they report the following capital gains and losses for the year?
Short-term capital gains$1,500Short-term capital losses0Long-term capital gains13,000Long-term capital losses(10,000)
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