Question
Use 2022 tax law. 6. John and Mary are in their 50s, married, and have no children. They have salaries of a total of $100,000
Use 2022 tax law.
6. John and Mary are in their 50s, married, and have no children. They have salaries of a total of $100,000 with 18,000 in Federal withholding. They have the following other items of note:
Interest from Bank of Texas 10,000
Qualifying dividends 3,000
Non-qualifying dividends 2,000
Sales of the following securities:
Stock:
| Bought | Sold | Sales Price
| Cost
|
---|---|---|---|---|
Blue | 01/01/85 | 02/01/22 | 3000 | 2000 |
Amber | 01/01/22 | 02/01/22 | 15000 | 14000 |
Green | 01/01/85 | 02/01/22 | 12000 | 8000 |
Red | 01/01/22 | 02/01/22 | 3000 | 4000 |
Purple | 01/01/22 | 02/01/22 | 5000 | 2000 |
What are their net long term capital gains or losses?
What are their net short term capital gains or losses?
Compute their adjusted gross income.
Compute their taxable income.
Compute their tax due or refund.
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