Tim and Laura Blayman are married and file a joint tax return. They do not have...
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Tim and Laura Blayman are married and file a joint tax return. They do not have any children. Tim works as an engineer at a local company and earns a salary of $66,000. Laura works as a part-time accountant at the same company. She earns $38,000 a year. The couple does not itemize deductions. Other than salary, the Blaymans' 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.) What is the Blaymans' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability $ 18,907 $ 14,000 (4,500) 20,000 (8,500) Tim and Laura Blayman are married and file a joint tax return. They do not have any children. Tim works as an engineer at a local company and earns a salary of $66,000. Laura works as a part-time accountant at the same company. She earns $38,000 a year. The couple does not itemize deductions. Other than salary, the Blaymans' 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.) What is the Blaymans' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability $ 18,907 $ 14,000 (4,500) 20,000 (8,500)
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To calculate the Blaymans tax liability for 2022 we need to consider their income from various sources including their salaries and capital gainslosse... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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