Required informationProblem 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 historyprofessor at a local university and earns a salary of $66,800. Meg works part time at the same university. She earns$37,000 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income isfrom the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.)Note: Round your final answers to the nearest whole dollar amount.Problem 7-45 Part-b (Algo)b. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year?Short-term capital gainsShort-term capital lossesLong-term capital gainsLong-term capital losses.Total tax liability.$1,500015,000(12,000)

To determine the Comers' tax liability for 2022 based on their capital gains and losses, we need to…

Answered: Matt and Meg Comer are married and file…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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 $68,800. Meg works part time at the same university. She earns $44,200 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.) Note: Round your final answers to the nearest whole dollar amount. b. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? $ 2,100 Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses 0 13,240 (10,100) Total tax liability
1. (Kurt and Blaine are married and file taxes jointly. Their combined wages were $172,450. They earned $18,000 from a rental property they own, as well as $2300 in interest. They contributed $10,600 to their tax-deferred retirement plans, and their itemized deductions totaled $27,330. a. Should they use their itemized deductions or the standard deduction? Why? b. Compute Kurt and Blaine's: Gross Income: Adjusted Gross Income: Taxable Income: Taxes owed:
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Victor and Roberta Sanchez file jointly and had a combined income of $84,700 last year. They contributed $4,200 to their retirement plan and had itemized deductions of $19,420. Their combined income tax withheld last year amounted to $9,666. Are they entitled to a refund or do the owe additional taxes? How much?
Doug and Tammy are not related and do not live together. Doug is employed and earns commission income. Tammy is an independent broker and earns commission income. Both maintain an office in their homes. Which of the following statements is false regarding the tax treatment of their incomes for 2020? (a) Tammy can incur a non-capital loss, but Doug cannot. (b) Tammy and Doug can deduct a portion of their property tax and house insurance (c) Tammy can deduct a portion of her home mortgage interest, but Doug cannot. (d) Tammy and Doug can claim CCA on their computers.
parts a. and b. are 2 parts of the same question and should not be separated. TIA!
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 $66,700. Meg works part time at the same university. She earns $37,200 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). What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains $ 1,500 Short-term capital losses 0 Long-term capital gains 15,100 Long-term capital losses (12,100)
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 $66,800. Meg works part time at the same university. She earns $34,300 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 2020 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 Total tax liability $10,300 (3,300) 16,300 (7,300)
Paris and Tristan are married and file jointly. Assume that Paris and Tristan's taxable income is $200,000, including $7,200 of net long-term capital gain. Also assume that their employers withheld $33,500 of federal income tax from their paychecks during the year. Given this taxable income, and the facts above, how much tax is due with the couple's return? For your convenience, the married filing jointly (MFJ) schedule is shown below. Recall that the 2023 standard deduction amount for married filing jointly is $27,700. Assume the applicable capital gain tax rate is 15%. If TI is over: But not over: The tax is: $0 $22,000 $89,450 $190,750 $364,200 $22,000 $89,450 $190,750 $364,200 $462,500 $462,500 $693,750 $693,750 No limit = 10% of taxable income. = $2,200 + 12% of amount over $22,000 = $10,294 + 22% of amount over $89,450 = $32,580 + 24% of amount over $190,750 = $74,208 + 32% of amount over $364,200 = $105,664 + 35% of amount over $462,500 = $186,601.50 +37% of amount over $693,750
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