This year I sold total stock (ALL SHORT TERM GAINS) for +$700 gains.
I will be filing married jointly, and our mutual income is around 120k.
Now I have 2 stocks (short term too) in my portfolio with $120 and $200 loss. That's an unrealized.
If I sell both - will that mean that I will only pay 700-120-200 = $380 short term capital gains taxes?

Thanks.

yes , A realized capital loss occurs ONLY when you, as a taxpayer sell a qualifying asset, such as shares of stock, at a lower price than the purchase price, creating a net lossWhen determining the tax impact of capital gains and losses, all short-term gains are added together then reduced by the total of short-term losses if you have a loss that's unrealized, it's a paper loss. For federal income tax purposes, it doesn't mean anything. There are no tax consequences to you for an unrealized gain or loss.