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Mike Bradys spouse died five years ago. Mike is 40 years old, and he has three boys, Greg, Peter, and Bobby. The three boys (his
- Mike Bradys spouse died five years ago. Mike is 40 years old, and he has three boys, Greg, Peter, and Bobby. The three boys (his sons) live with Mike for more than half of the year. Greg is 15, Peter is 12, and Bobby is 8. The boys do not provide over half of their own support.
- What filing status should Mike use?
- How many dependents will he claim on his tax return? List his qualifying dependents. Are they Qualifying Children or Qualifying Relatives?
- How much is Mikes standard deduction (assume he cannot itemize, and his deduction is not phased out)?
- If Mikes adjusted gross income (AGI) is $170,000, what is his tax before any credits?
- What is Mikes marginal tax rate? Effective tax rate? Average tax rate?
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