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By using the information below, please help me with the following. THANK YOU!! Using the Clarks' information, determine the total amount of their itemized deductions.

By using the information below, please help me with the following. THANK YOU!!

Using the Clarks' information, determine the total amount of their itemized deductions.

Assume that they'll use the filing status of married filing jointly and that the standard deduction for that status is $24,000. Should they itemize or take the standard deduction?

How much have you saved the Clarks with your recommendation of standard vs. itemized deduction?

Compose a schedule computing the tax on a joint return for Jackson and Lillian Clark for the year ended December 31, 2018, giving them the smallest tax liability. Use the appropriate tax rate schedule provided below, PLEASE.

Do the Clarks need to file a tax return for their son? Why or why not?

Suggest some tax strategies, based on what you know about the Clarks financial position, that they might use to reduce their tax liability for next year.

PLEASE ASSIST ME WITH THE FOLLOWING 6 QUESTIONS USING THE PROVIDED INFORMATION BELOW. THANK YOU!

Lillian and Jackson Clark are a married couple in their early 20s living in Los Angeles. Jackson Clark earned $93,000 in 2018 from his sales job.

During the year, his employer withheld $11,685 for income tax purposes.

In addition, the Clarks received interest of $350 on a joint savings account,

$750 interest on tax-exempt municipal bonds and dividends of $400 on common stocks.

At the end of 2018, the Clarks sold two stocks, A and B. Stock A was sold for $700 and had been purchased four months earlier for $800.

Stock B was sold for $1,500 and had been purchased 3 years earlier for $1,100. Although his company's pension plan covers Jackson, he plans to contribute $5,500 to a traditional deductible IRA for 2018.

Their only child, Carter, age 2, received (as his sole source of income) dividends of $200 from Hershey stock.

Here are the amounts of money paid out during the year by the Clarks:

Expenses Cost
Medical and Dental expenses (unreimbursed) $200
State and local property taxes $831
Interest paid on home mortgage $4,148
Charitable contributions $1,360
Total $6,539

In addition, Jackson incurred some reimbursed travel costs for an out-of-town business trip:

Expenses Cost
Airline ticket $250
Taxis $20
Lodging $60
Meals (as adjusted to 50 percent of cost) $36
Total $366

PLEASE USE THIS TAX RATE SCHEDULE FOR 2018

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