Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history $2023$ Tax Rate Schedules

Individuals

Schedule X$-$Single

Schedule Y$-1-$Married Filing Jointly or Qualifying surviving spouse

Schedule Z$-$Head of Household

Schedule Y$-2-$Married Filing Separately Tax Rates for Net Capital Gains and Qualified Dividends

$*$This rate applies to the net capital gains and qualified dividends that fall within the range of taxable income specified in the table $($net capital gains and qualified dividends are included in taxable income last for this purpose$).$

professor at a local university and earns a salary of $$67,900.$ Meg works part time at the same university. She earns

$$45,100$ 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.

Problem $7-45$ Part$-$b $($Algo$)$

b$.$ What is the Comers' tax liability for $2023$ if they report the following capital gains and losses for the year?

Answer is complete but not entirely correct.

Show all imagesShow all images