Question
2 For each of the following situations determine the requested amounts. Situation 1 Beth (age 43) and Bart (age 48) are married taxpayers who choose
2
For each of the following situations determine the requested amounts.
Situation 1
Beth (age 43) and Bart (age 48) are married taxpayers who choose to file a joint tax return. They have three minor dependent children (Barbara, Bonnie and Baxter). Bonnie and Baxter are in elementary school. Barbara is 21 and a full-time college student. Barbara earned $5,600 at a job and had $15 in interest income during 2014. Barbara did not provide more than of her own support. Beths step-mother (age 72) and one of her step-sisters (age 49), also live with them and qualify as Beth and Barts dependents. Beth and Barts total gross income for 2014 is $172,000. They have $12,800 of for AGI deductions and their itemized deductions (after any floors) total $30,900 and are comprised of the following:
Medical $3,200
Charitable Contributions 4,000
Mortgage interest 14,200
Real Estate taxes 8,000
Miscellaneous itemized 1,500
Filing status, number of exemptions, taxable income and tax liability for Beth and Bart?
Filing status, number of exemptions, taxable income and tax liability for Barbara?
Situation 2
Curt, age 65 and single, maintained a home where his mother resided for the entire year. He earned a salary of $69,000. He paid all of the bills related to his mother since she had no income for 2014. Curt also incurred itemized deductions of $8,520 (none subject to any AGI limitations)
Filing status, number of exemptions, taxable income and tax liability for Curt? Michigan USA
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