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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 Comersâ only other source of income is from the disposition of various capital assets (mostly stocks). Assume they file a joint return. (Use the tax rate schedules.) (Round final answers to the nearest whole dollar amount.)
a. What is the Comersâ 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 | ) | |
|
Use 2017 MFJ Tax Tables |
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