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What am i doing wrong?? B C ! Required information 70000 33000 1500 -3000 (The following information applies to the questions displayed below.] 101500 -25100
What am i doing wrong??
B C ! Required information 70000 33000 1500 -3000 (The following information applies to the questions displayed below.] 101500 -25100 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 $70,000. Meg works part-time at the same university. She earns $33,000 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.) 76400 73400 A 1 2 Matt Income 3 Add: Meg Income 4 Add: Short term Capital gain 5 Add: Net long term Capital gain 6 7 Adjusted gross income 8 9 Less: Standard deduction 10 11 Taxable income 12 Normal Taxable income 14 15 Tax on Normal Income 16 Add: Tax on Long term capital gain 17 18 Total Tax liability 19 20 21 22 23 24 25 26 27 28 29 30 31 8410 1990+(73400-19000) 12% 450 8860 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 13,000 (10,000) Total tax liability $ 8,860 32Step by Step Solution
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