Problem $7-45$ Part$-$a $($Algo$)$

a$.$ What is the Comers' tax liability for $2024$ if they report the following capital gains and losses for the year?

Total tax liability

Problem $7-45$ Part$-$b $($Algo$)$

b$.$ What is the Comers' tax liability for $2024$ if they report the following capital gains and losses for the year?Required information

Problem $7-45($LO $7-2)($Algo$)$

$[$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 $$68,200.$ Meg works part time at the same

university. She earns $$51,800$ 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.$)$

Note: Round your final answers to the nearest whole dollar amount.

Problem $7-45$ Part$-$a $($Algo$)$

a$.$ What is the Comers' tax liability for $2024$ if they report the following capital gains and losses for the year?

Total tax liability

Problem $7-45$ Part$-$b $($Algo$)$

b$.$ What is the Comers' tax liability for $2024$ if they report the following capital gains and losses for the year?

Total tax liability

Tax Rates for Net Capital Gains and Qualified Dividends

$***$Please show calculations, Thank you!$***$