Question
Calculate Matthews 2017 tax liability (before credits) based on the following. SHOW YOUR WORK! Matthew is unmarried. He has two children, son Andrew (age 5)
Calculate Matthews 2017 tax liability (before credits) based on the following. SHOW YOUR WORK!
Matthew is unmarried. He has two children, son Andrew (age 5) and adopted daughter Lisa (age 20). Lisa lives at home, is a full-time student at the local community college, and has part-time job, earnings from which she uses for weekend activities with her friends. During the year, Matthew earns a salary of $100,000. He also has qualified dividend income of $5,000 from various stock holdings. He had a loss on the sale of stocks of $4,050. Matthew also contributed $5,000 to his IRA and had total itemized deductions of $7,800.
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