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Matt and Meg Comer are married and file a joint tax return. They do not have...

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Accounting

Matt and Meg Comer are married and file a joint tax return. Theydo not have any children. Matt works as a history professor at alocal university and earns a salary of $66,000. Meg works part-timeat the same university. She earns $31,800 a year. The couple doesnot itemize deductions. Other than salary, the Comers’ only othersource of income is from the disposition of various capital assets(mostly stocks). (Use the tax rate schedules ,Dividends and CapitalGains Tax Rates.) (Round final answers to the nearest wholedollar amount.)

rev: 10_18_2018_QC_CS-144256

b. What is the Comers’ tax liability for 2018if they report the following capital gains and losses for theyear?

Short-term capital gains$1,500
Short-term capital losses0
Long-term capital gains11,600
Long-term capital losses(10,160)

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