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Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $64,150. Meg works part-time at the same university. She earns $33,450 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
a. What is the Comers’ total income tax liability for 2019 (including income tax on wages) if they report the following capital gains and losses for the year?
Short-term capital gains | $ | 9,090 | |
Short-term capital losses | (2,090 | ) | |
Long-term capital gains | 15,170 | ||
Long-term capital losses | (6,170 | ) | |
|

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