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Virty [35]
3 years ago
15

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 $68,000. Meg works part time at the same university. She earns $33,000 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.) (Round your final answers to the nearest whole dollar amount.) b. What is the Comers’ tax liability for 2020 if they report the following capital gains and losses for the year? Short-term capital gains $ 1,500 Short-term capital losses 0 Long-term capital gains 13,000 Long-term capital losses (10,000 )
Business
1 answer:
babunello [35]3 years ago
8 0

Answer:

$9,379

Explanation:

using the 2020 tax brackets:

the Comer's gross income = $68,000 + $33,000 + $1,500 = $102,500

taxable income = $102,500 - $24,800 (standard deduction for married couples) = $77,700

taxes owed = $1,975 + [12% x ($77,700 - $19,750)] = $8,929

capital gains = $13,000 - $10,000 = $3,000 x 15% capital gains tax rate = $450

total tax liability = $8,929 + $450 = $9,379

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The characteristics of the data includes one which will help in decisions making for marketing actions.

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3 0
2 years ago
What was the main goal of the Farmers’ Alliance?
KIM [24]

The main goal of the Farmers’ Alliance is planting cheaper  land and supplies

<h3>Further explanation </h3>

The Farmers' Alliance was an economic movement started by American farmers in 1875. The organization was made up of White farmers' groups from the North, South, and West. Farmers' Alliance sought to improve the economic conditions for farmers through the creation of cooperatives and political advocacy. Farmers set up cooperatively owned retail stores and marketing organizations. The idea is to give producers more influence in buying their supplies and marketing their products.

The Farmers Alliance was formed to try to help farmers to become profitable again after the Civil War. The Farmers' Alliance was first organized in Texas in the mid-1870s and soon spread to other states and territories in the South and Midwest

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The Grange, the farmers' alliances tried to help farmers by providing educational and social events. Farmers would attend classes to learn about new farming techniques.

<h3>Learn more</h3>
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<h3>Answer details</h3>

Grade:  9

Subject:  business

Chapter:   Farmers' Alliance

Keywords:   Farmers' Alliance

4 0
2 years ago
Read 2 more answers
If country A exports $10 billion worth of goods to country B and imports $8 billion worth of goods from country B, then country
mr_godi [17]

Answer:

b. $2 billion trade surplus with country B.

Explanation:

When a country exports more than it imports, it is said that the country has a trade surplus. On the other hand, when a country imports more than it exports, it is said that the country has a trade deficit.

In this case, exports to country B are worth $10 billion which are larger than the $8 billion of imports from country B. Country A's trade surplus is given by:

S = \$10-\$8\\S=\$2\ billion

Therefore, the answer is alternative b.

6 0
3 years ago
The use of slang creates which type of communication barrier?
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Answer:

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6 0
2 years ago
Higgins Company plans to incur $380,000 of salaries expense if a capital project is implemented. Assuming a 40% tax rate, the sa
AlexFokin [52]

Answer:

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Explanation:

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Therefore salaries should be reflected in the analysis by a: $228,000 outflow

8 0
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