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 $70,800. Meg works part-time at the same university. She earns $31,000 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). (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-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 losse Long-term capital gains Long-term capital losses $ 1.500 0 22,000 (19,000) Answer is complete but not entirely correct. Total tax liability $ 8,986 % 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 $70,800. Meg works part-time at the same university. She earns $31,000 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) (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-b (Algo) b. What is the Comers' tax liability for 2021 i 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 lo $1.500 0 22.000 (19.0003 Answer is complete but not entirely correct. $ 8.986 Total tax liability 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 $ 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 Tax Rates for Net Capital Gains and Qualified Dividends Rate 06 Married Filing Jointly 50-SHO,800 $80 801 - 5501.600 S501.601+ Married Filing Separately $0-$40 400 $40.401 - $250.800 $250.801- Taxable income Single 50-540 A00 $10.401 - 445.850 $445851 Head of Household 50 - $54,100 $54,101 - 5473,750 $473.751 Trusts and Estates $0$2.700 $2,700 - $13.250 $13.251. 15% 20%
