Week 3 Discussion.docx - Discuss the chapter Case in Point A Single Father's Tax Situation which can be found near the end of Chapter 3 For questions 1

Week 3 Discussion.docx - Discuss the chapter Case in Point...

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Discuss the chapter Case in Point: A Single Father's Tax Situation , which can be found near the end of Chapter 3. For questions 1 and 2: as long as you answer the questions, your answers can be relatively brief. For question 3, make your calculations for the tax year 2018 . Here is IRS Form 1040 for 2018 . You will see this form is different from the old form set out in Exhibit 3-3. Also see 2018 Tax Computation . Assume: Eric's total possible deductions are not greater than the 2018 standard deduction for head of household, which is $18,000; all other facts are the same; note that the child tax credit is reported on line 12a, and the tax credit for childcare on line 12b. o Discuss the impact of tax law changes : prior to the TCJA, state and local taxes were fully deductible (this includes state income tax and town property taxes. Now there is a $10,000 limit on SALT deductibility. This change has impacted taxpayers in states like CT that have both an income tax and high property taxes (real estate and car taxes). For example, a taxpayer that
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  • Spring '08
  • gia
  • Taxation in the United States, Single Father's Tax Situation

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