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Required information Problem 7-45 (LO 7-2) (Algo) (The following information applies to the questions displayed below.) Matt and Meg Comer are married and file a
Required information Problem 7-45 (LO 7-2) (Algo) (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 $70,200. Meg works part-time at the same university. She earns $33,100 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.) Problem 7-45 Part-a (Algo) a. What is the Comers' tax liability for 2021 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 $ 10,500 (3,500) 16,500 (7,500) Total tax liability Required information Problem 7-45 (LO 7-2) (Algo) 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. Mott works as a history professor at a local university and earns a salary of $70.200. Meg works part-time at the same university. She earns $33,100 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 Galos Tax Rates) (Round your final answers to the nearest whole dollar amount.) Problem 7-45 Part-b (Algo) b. What is the Comers' tax liability for 2021 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 $ 1,500 0 14,500 (11,500) Total ta fiabaty 2021 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $9.950 10% of taxable income $ 9,950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40525 $ 86,375 $164.925 $14.751 plus 24% of the excess over $86,375 $164.925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 523,600 $47,843 plus 35% of the excess over $209,425 $ 523,600 $157,804.25 plus 37% of the excess over $523,600 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over: But not over: The tax is: $ 0 $ 19.900 10% of taxable income $ 19,900 S 81,050 $1.990 plus 12% of the excess over $19.900 $ 81,050 $ 172.750 $9,328 plus 22% of the excess over $81,050 $ 172,750 $ 329,850 $29,502 plus 24% of the excess over $172,750 $ 329,850 $ 418,850 $67,206 plus 32% of the excess over $329,850 $ 418.850 $ 628,300 $95.686 plus 35% of the excess over $418,850 $ 628,300 $168.993.50 plus 37% of the excess over $628,300 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 14,200 10% of taxable income $ 14,200 $ 54,200 $1.420 plus 12% of the excess over $14,200 $ 54,200 $ 86,350 $6,220 plus 22% of the excess over $54,200 S 86,350 $164.900 $13,293 plus 24% of the excess over $86,350 $ 164.900 $ 209,400 $32,145 plus 32% of the excess over $164.900 $ 209,400 $ 523,600 $46,385 plus 35% of the excess over $209,400 $ 523,600 $156,355 plus 37% of the excess over $523,600 Schedule Y-2-Married Filing Separately If taxable income is over:But not over: The tax is: $ 0 $9.950 10% of taxable income $9.950 $ 40,525 $995 plus 12% of the excess over $9.950 $ 40,525 $ 86,375 $4,664 plus 22% of the excess over $40,525 $ 86,375 $ 164,925 $14.751 plus 24% of the excess over $86,375 $ 164 925 $ 209,425 $33,603 plus 32% of the excess over $164.925 $ 209,425 $ 314,150 $47,843 plus 35% of the excess over $209,425 $314.150 $84.496.75 plus 37% of the excess over $314.150 Tax Rates for Net Capital Gains and Qualified Dividends Taxable income Rate Married Filing Jointly Married Piling Separately Single Head of Household Trusts and Estates 0 50 S80.800 50 - 540,400 50 - 540,400 50 554.100 $0-$2.700 155 $80.801-5301.600 S1001 - 5250.800 S40 401 - 5445850 $54,101 - 5473.750 52.701 - $13.250 20 55016014 525001 $445831 5473.751 $13.251 *This rate applies the capital gains and qualified dividends that full within the range of sale incontrapecified in the noble et pul paits arut qualified dividends are included in the income Aut for his purpose). MacBook Pro
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