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oee [108]
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 $64,200. Meg works part-time at the same university. She earns $33,500 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.)
Required:
What is the Comers’ tax liability for 2019 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 13,200
Long-term capital losses 10,100
Business
1 answer:
Advocard [28]3 years ago
6 0

Answer:

$8,588

Explanation:

income tax brackets 2019

tax rate         income

10%       $0 to $19,400

12%       $19,401 to $78,950

total ordinary income = $64,200 + $33,500 + $1,500 = $99,200

taxable ordinary income = $99,200 - $24,400 = $74,800

tax liability = ($19,400 x 10%) + ($55,400 x 12%) = $1,940 + $6,648 = $8,588

long term capital gains = $13,200 - $10,100 = $3,100

since their total taxable income is below $78,750, their long term capital gains tax rate is 0.

total tax liability = $8,588

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Grace [21]
Let x = the price of the car that Olivia can afford.

Down payment = $2,500
Remaining amount to be financed is P = x - 2500.

Total payments should equal the monthly payments.
The total payment over 4 years (48 months) is
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The rate is r = 4.9% = 0.049.
The compounding interval is n = 12.
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The amount financed is P = $(x - 2500).
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(x - 2500)(1 + 0.049/12)⁴⁸ = 8880
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x - 2500 = 7302.63
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3 years ago
Sean works for Cash'n'Carry, a payday loan company. He has been asked to develop an ethical mission statement to reassure custom
soldi70 [24.7K]

Answer:

c. Emphasis on ethics

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This is a renewed emphasis on the ethics of the company and by so doing it will reassure the company is aware of the ethical practice in this regard and that they are pledging to act ethically.

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A company issued a short-term note payable to a bank with a stated 12 percent rate of interest . The bank charged a .5% loan ori
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Answer:

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Explanation:

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Hence, since the company is both paying the initial 5% and the later 12%, effectively the company is paying 17% on the note payable.

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