Question
1. Determine George and Marys taxable income and tax liability for 2017 if George has $65,000 and Mary has $45,000 of salary income, they have
1. Determine George and Marys taxable income and tax liability for 2017 if George has $65,000 and Mary has $45,000 of salary income, they have $24,000 of allowable itemized deductions, no dependents, and file a joint tax return.
2. Carrie and Stephen have gross salary and wages of $76,000 in 2017 and file a joint return, claiming two personal exemptions and one dependency exemption for their seven-year-old child. They have $15, 000 of allowable itemized deductions and a $240 child care credit. Determine their taxable income and their tax liability.
3. Carolyn has a 50 percent interest in a general partnership that has a $14,000 loss for the year. She materially participated in the partnership. Her basis in the partnership is $10,000. She also has salary from other employment of $46,000. If she is single, has no dependents, and claims the standard deduction, what is her taxable income and her tax liability in 2017?
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