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Required information [The following information applies to the questions displayed below.) 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 $67,600. Meg works part time at the same university. She ears $35,100 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 your final answers to the nearest whole dollar amount.) a. What is the Comers' tax liability for 2020 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses $11,100 (4.100) 17,100 (8,100) Total tax liability 2020 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: $ 0 $ 9,875 $ 9,875 $ 40,125 $ 40,125 $ 85,525 $ 85,525 $163,300 $163,300 $207 350 $207,350 $518,400 $518,400 The tax is: 10% of taxable income $987 50 plus 12% of the excess over $9,875 $4,617 50 plus 22% of the excess over $40,125 $14,605.50 plus 24% of the excess over $85 525 $33,271 50 plus 32% of the excess over $163,300 $47,367.50 plus 35% of the excess over $207,350 $156,235 plus 37% of the excess over $518,400 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 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 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 566 543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414,700 $622,050 $167,307.50 plus 37% of the excess over $622,050 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 S 14,100 % of taxable income $ 14,100 $ 53,700 S1410 plus 12% of the excess over $14,100 $ 53,700 S 85.500 $6,162 plus 22% of the excess over $53,700 $ 85,500 S163,300 $13,158 plus 24% of the excess over $85,500 $163,300 $207,350 $31.830 plus 32% of the excess over $163,300 $207,350 S518 400 $45,926 plus 35% of the excess over $207,350 $518,400 $154,793.50 plus 37% of the excess over $518,400 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: S 0 $ 9.875 109 of taxable income S 9.875 $ 40,125 5987 50 plus 12% of the excess over $9.875 $ 40,125 S 85.525 $4.617 50 plus 22% of the excess over $40.125 $ 85525 S163,300 $14,605.50 plus 24% of the excess over $85525 $163,300 $207,350 $33.271.50 plus 32% of the excess over $163,300 $207,350 S311,025 $47,367 50 plus 35% of the excess over $207,350 $311025 $83.653.75 plus 37% of the excess over $311,025
