Question: Please help and explain how you got your answer, i am coming up with 9,169 but thats not correct apparently. Required information (The following information
Please help and explain how you got your answer, i am coming up with 9,169 but thats not correct apparently.



Required information (The following information applies to the questions displayed below.) 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 $35,500 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.) b. What is the Comers' tax liability for 2020 if they report the following capital gains and losses for the year? $ 1,000 Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses 15,500 (12,500) Answer is complete but not entirely correct. Total tax liability $ 9,169 Schedule Y-1-Married Filing Jointly or Qualifying Widow(er) If taxable income is over:But not over: The tax is: $ 0 $ 19,750 10% of taxable income $ 19,750 $ 80,250 $1.975 plus 12% of the excess over $19.750 $ 80,250 $171,050 $9.235 plus 22% of the excess over $80,250 $171,050 $326,600 $29,211 plus 24% of the excess over $171,050 $326,600 $414,700 $66,543 plus 32% of the excess over $326,600 $414,700 $622,050 $94.735 plus 35% of the excess over $414.700 $622,050 $167.307.50 plus 37% of the excess over $622.050 Tax Rates for Net Capital Gains and Qualified Dividends Rate* 0% 15% 20% Married Filing Jointly $0-$80.000 $80,001 - $496,600 $496,601+ Married Filing Separately $0-$40.000 $40,001 - $248,300 $248,301+ Taxable Income Single SO - $40,000 $40,001 - $441,450 $441,451+ Head of Household $0 - $53.600 $53,601 - $469,050 $469,051+ Trusts and Estates SO - $2,650 $2,651 - $13,150 $13.151+
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