Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Robert and Mary are married taxpayers filing a joint return in 2016. Their taxable income is $100,000. Robert and Mary have two dependent children (Adam
Robert and Mary are married taxpayers filing a joint return in 2016. Their taxable income is $100,000. Robert and Mary have two dependent children (Adam and Arlene, both high school students) living at homie in 2016. Robert and Mary provide over half the children's support.
Adam, age 17, earned $4,000 from working at a fast food restaurant in 2016. He also received $3,500 interest income from a saving account he owns. Arlene Age 16, earns $2,500 at a summer job during 2016. Arlene received $1,800 Interest income from her savings account.
a.) The amount Adam can claim as a personal exemption on his 2016 federal income tax return is _____?
b.) The amount Adam's standard deduction on his 2016 federal income tax return is_____?
c.) The amount of Arlene's standard deduction on her 2016 federal income tax return is _____?
d.) Adam's 2016 taxable income is_____?
e.) Arlene's 2016 taxable income is_____?
f.) Adam's total federal income tax liability for 2016 is_____?
g.) Arlene's total federal income tax liability for 2016 is_____?
Adam, age 17, earned $4,000 from working at a fast food restaurant in 2016. He also received $3,500 interest income from a saving account he owns. Arlene Age 16, earns $2,500 at a summer job during 2016. Arlene received $1,800 Interest income from her savings account.
a.) The amount Adam can claim as a personal exemption on his 2016 federal income tax return is _____?
b.) The amount Adam's standard deduction on his 2016 federal income tax return is_____?
c.) The amount of Arlene's standard deduction on her 2016 federal income tax return is _____?
d.) Adam's 2016 taxable income is_____?
e.) Arlene's 2016 taxable income is_____?
f.) Adam's total federal income tax liability for 2016 is_____?
g.) Arlene's total federal income tax liability for 2016 is_____?
Step by Step Solution
★★★★★
3.42 Rating (171 Votes )
There are 3 Steps involved in it
Step: 1
a Adams personal exemption is 4050 This is the amount he can deduct from his ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started