HW SCOre 9376, .3 Of TU pts Problem P4-7 (similar to) EQuestion Help.docx - HW SCOre 9376.3 Of TU pts Problem P4-7(similar to EQuestion Help Using the

HW SCOre 9376, .3 Of TU pts Problem P4-7 (similar to) EQuestion Help.docx

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HW SCOre: 9376, .3 Of TU pts Problem P4-7 (similar to) EQuestion Help Using the married fling jointly status and their income and expense statement, calculate the 2017 tax Iiability for Shameka and Curtis Williams. First, use the standard deduction, and then use the following itemized deductions Income xpenses Earned income $50,000 00 Home mortgage interest Real estate and state income taxes Miscellaneous deductions $7,800.00 Intorest income 2,100 00 3,900 00 450.00 Explain to the Williams which method they should use and why Shameka and Curtis' total gross income for the 2017 tax year is $ 52100 (Round to the nearest cent) Assuming Shameka and Curtis are filing jointly, their exemption amount for the 2017 tax year is $ 8100 (Round to the nearest cent) If Shameka and Curtis use the standard deduction, their standard deduction amount for the 2017 tax year is $ 12700 (Round to the nearest dollar) Note.
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Unformatted text preview: Miscellaneous deductions, unlike charitable contributions are subject to a deduction threshold) Click the following link for a standard deduction table. Their taxable income for the 2017 tax year is $ 31300 (Round to the nearest cent) If Shameka and Curtis use the standard deduction, their total income tax due for the 2017 tax year is $ (Round to the nearest cent) Click the following link for the tax rates and brackets table. gage interest Doaloctato and ctato incema tove $7,800.00 2.100 00 2 000 00 Data Table Standard Deduction Amounts Filing Status Single Married Filing Jointly or Surviving Spouse Head of Household Married Filing Separately Personal Exemptions in 2017: $4,050 Child Tax Credit in 2017: $1,000 per child 2017 $6,350 $12,700 $9,350 $6,350 Print Done er box and then click Check Answer....
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  • Spring '19
  • Prof. Adnan Hamideh

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