44. Matt and Meg Comer are married. They do not have any children. Matt works as
ID: 2539740 • Letter: 4
Question
44. Matt and Meg Comer are married. They do not have any children. Matt works as a history professor at a local university and earns a salary of $64,000. Meg works part-time at the same university. She earns $21,000 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). a. What is the Comers' tax liability for 2017 if they report the following capital gains and losses for the year? Short-term capital gains 9,000 Short-term capital losses (2,000) Long-term capital gains 15.000 Long-term capital losses (6,000) hat is the Comers tax liability for 2017 if they report the following capital gains and losses for the year? t Short-term capital gains $ 1,500 0 Long-term capital gains 13.000 Long-term capital losses (10,000) Short-term capital lossesExplanation / Answer
1
What is the comer's tax liability for 2017 if they report the following capital gains and losses for the year
Particulars
$
Salary
$85,000
Net short term capital gain
$7,000
Net long term capital gain
$9,000
AGI
$1,01,000
Standard deduction
($12,700)
Personal exemption
($9,100)
Taxable Income
$79,200
Less: Preferentially taxed income
($9,000)
Income tax at ordinary rates
$70,200
Tax on 70200
1865+[$70,200-$18650]*15%
$9,597.50
Income subject to capital gain rates ($9000*0%)
0
Total tax liability
$9,597.50
2
What is the comer's tax liability for 2017 if they report the following capital gains and losses for the year
Particulars
$
Salary
$85,000
Net short term capital gain
$1,500
Net long term capital gain
$3,000
AGI
$89,500
Standard deduction
($12,700)
Personal exemption
($9,100)
Taxable Income
$67,700
Less: Preferentially taxed income
($3,000)
Income tax at ordinary rates
$64,700
Tax on 64700
1865+[$64,700-$18650]*15%
$8,772.50
Income subject to capital gain rates ($3000*0%)
0
Total tax liability
$8,772.50
1
What is the comer's tax liability for 2017 if they report the following capital gains and losses for the year
Particulars
$
Salary
$85,000
Net short term capital gain
$7,000
Net long term capital gain
$9,000
AGI
$1,01,000
Standard deduction
($12,700)
Personal exemption
($9,100)
Taxable Income
$79,200
Less: Preferentially taxed income
($9,000)
Income tax at ordinary rates
$70,200
Tax on 70200
1865+[$70,200-$18650]*15%
$9,597.50
Income subject to capital gain rates ($9000*0%)
0
Total tax liability
$9,597.50
2
What is the comer's tax liability for 2017 if they report the following capital gains and losses for the year
Particulars
$
Salary
$85,000
Net short term capital gain
$1,500
Net long term capital gain
$3,000
AGI
$89,500
Standard deduction
($12,700)
Personal exemption
($9,100)
Taxable Income
$67,700
Less: Preferentially taxed income
($3,000)
Income tax at ordinary rates
$64,700
Tax on 64700
1865+[$64,700-$18650]*15%
$8,772.50
Income subject to capital gain rates ($3000*0%)
0
Total tax liability
$8,772.50
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