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Use 2022 tax law. 6. John and Mary are in their 50s, married, and have...

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Accounting

Use 2022 tax law.

6. John and Mary are in their 50s, married, and have no children. They have salaries of a total of $100,000 with 18,000 in Federal withholding. They have the following other items of note:

Interest from Bank of Texas 10,000

Qualifying dividends 3,000

Non-qualifying dividends 2,000

Sales of the following securities:

Stock:

 Bought Sold

Sales Price

Cost
Blue 01/01/85 02/01/22 3000 2000
Amber 01/01/22 02/01/22 15000 14000
Green 01/01/85 02/01/22 12000 8000
Red 01/01/22 02/01/22 3000 4000
Purple 01/01/22 02/01/22 5000 2000

What are their net long term capital gains or losses?

What are their net short term capital gains or losses?

Compute their adjusted gross income.

Compute their taxable income.

Compute their tax due or refund.

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