! Required information Problem 7-45 (LO 7-2) [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 $64,650. Meg works part-time at the same university. She earns $31,350 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 final answers to the nearest whole dollar amount.) Problem 7-45 Part-a a. What is the Comers' tax liability for 2018 if they report the following capital gains and losses for the year? $ 9,070 (2,070) 15,130 (6,130) Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability b. What is the Comers' tax liability for 2018 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 13,140 (10,070) Total tax liability Here are the dividend and capital gains brackets for 2018: Qualified Dividend & Cap Single Head of Joint Filers Filers Household Gain Tax Rate $0 $0 $0- $51,700 0% $38,600 $77,200 $38,601 $77,201 - $51,701 15% $425,800 $479,000 $452,400 $425,800 $479,000 $452,400 20% > > Schedule Y-1-Married Filing Jointly Qualifying Widow(er) or If taxable income is over: But not over: The tax is: $ 0 19,050 10% of taxable income $ 77,400 $19,050 $1,905 plus 12% of the excess over $19,050 $ 77,400 $165,000 $8,907 plus 22% of the excess over $77,400 $165,000 $315,000 $28,179 plus 24% of the excess over $165,000 $315,000 $400,000 $64,179 plus 32% of the excess over $315,000 $91,379 plus 35% of the excess over $400,000 $400,000 $600,000 $600,000 $161,379 plus 37% of the excess over $600,000 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 13,600 0 10% of taxable income $ 51,800 13,600 $1,360 plus 12% of the excess over $13,600 $ 82,500 $5,944 plus 22% of the excess over $51,800 51,800 $ 82,500 $157,500 $12,698 plus 24% of the excess over $82,500 $30,698 plus 32% of the excess over $157,500 $157,500 $200,000 $44,298 plus 35% of the excess over $200,000 $200,000 $500,000 $500,000 $149,298 plus 37% of the excess over $500,000 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 9,525 0 10% of taxable income 9,525 $952.50 plus 12% of the excess over $9,525 38,700 $4,453.50 plus 22% of the excess over $38,700 38,700 82,500 $ 82,500 $157,500 $14,089.50 plus 24% of the excess over $82,500 $157,500 $200,000 $32,089.50 plus 32% of the excess over $157,500 $45,689.50 plus 35% of the excess over $200,000 $200,000 $300,000 $300,000 $80,689.50 plus 37% of the excess over $300,000