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 $64,200. Meg works part-time at the same university. She earns $33,500 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 2019 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 9, 100 (2,100) 15.190 (6,190) Total tax liability 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 $64,200. Meg works part-time at the same university. She earns $33,500 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.) b. What is the Comers' tax liability for 2019 if they report the following capital gains and losses for the year? $ 1,500 Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses 13,200 (10,100) Total tax liability 2019 Tax Rate Schedules Individuals Schedule X-Single If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39,475 5970 plus 12% of the excess over $9,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39,475 $ 84,200 $160,725 $14,382 50 plus 24% of the excess over $84.200 $160,725 $204,100 $32,748 50 plus 32% of the excess over $160,725 $204,100 $510,300 $46,628 50 plus 35% of the excess over $204,100 $510,300 - $153.798.50 plus 37% of the excess over $510,300 Schedule Y-1-Married Filing Jointly or Qualifying Widowler) If taxable income is over: But not over: The tax is: $ 0 $ 19,400 10% of taxable income $ 19,400 $ 78,950 $1,940 plus 12% of the excess over $19.400 $ 78,950 $168.400 $9,086 plus 22% of the excess over $78,950 $168.400 $321 450 $28,765 plus 24% of the excess over $168.400 $321450 $408.200 1565 497 plus 32% of the excess over $321450 $408,200 $612,350 593,257 plus 35% of the excess over $408.200 $612,350 - $164,709.50 plus 37% of the excess over $612,350 Schedule Z-Head of Household If taxable income is over: But not over: The tax is: $ 0 $ 13.850 10% of taxable income $ 13,850 $ 52.850 $1,385 plus 125 of the excess over $13.50 $ 52,850 $ 84,200 $6.065 plus 225 of the excess over $52.850 $ 84,200 $160,700 $12.962 plus 24% of the excess over $84.200 S160,700 $204.100 31,322 plus 32% of the excess over $160,700 $204,100 $510,300 $45.210 plus 35% of the excess over $204,100 S510,300 $152,380 plus 37% of the excess over $510,300 Schedule Y-2-Married Filing Separately If taxable income is over: But not over: The tax is: $ 0 $ 9,700 10% of taxable income $ 9,700 $ 39475 $970 plus 12% of the excess over 59,700 $ 39,475 $ 84,200 $4,543 plus 22% of the excess over $39.475 S 84,200 $160,725 $14.382.50 plus 245 of the excess over $84.200 $160,725 $204,100 $32,748 50 plus 32% of the excess Over $160.725 $204,100 $306.175 $46.628 50 plus 35% of the excess Over $204.100 $306,175 $82.354.75 plus 375 of the EXCESS OVER $306,175
