Calculate Tax Liability for 2017 based on the following information;

SHOW ALL YOUR CALCULATIONS -Including the calculations for tax credits Willa and Winston Wilson Two dependent children: Wednesday and Winter Married Joint

1. Salary: $150,000 Winston

2. Willa has a consulting business: a sole proprietorship Revenue: $30,000 Expenses: Office: $3,000 Supplies $300 Advertising $500 Utilities $2,000

3. Interest: TD Bank $14,000 City of Nashville Bonds $2,000

4. Stock Transactions: Sold 2,000 shares of Smith Corp stock on, April 12, 2017 for $15 per share. The stock was purchased on June 5, 2006 for $20 per share. Sold 500 shares of Arco Corp stock on July 10, 2017 for $2 per share. The stock was purchased on April 3, 2007 for $12 per share.

5. Real estate taxes $10,000

6. Mortgage interest $11,000

7. Medical expenses $6,000

8. Charitable contribution: $3,000 cash to the United Way.

9. Unreimbursed employee business expense $2,000

10. Qualified moving expenses unreimbursed $2,000.

11. Student loan interest $ 1000

12. IRA contribution $1,200

13. Tax preparation fees $2,500

14. Theft loss $14,000

15. Willa won $10,000 in fantasy football

16. Unemployment compensation $5,000

17. Childcare expenses so that Willa and Winston can work $10,000