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The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $69,000 for 2017. Determine their
The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $69,000 for 2017. Determine their standard deduction, exemption, and child tax credit amounts, as well as their marginal and average tax rates assuming their filing status is married filing jointly. Assuming the Lees' filing status is married filing jointly, their standard deduction for the 2017 tax year is $ (Round to the nearest dollar.) Click the following link for a standard deduction table. Data Table Standard Deduction Amounts Filing Status Single Married Filing Jointly or Surviving Spouse Head of Household Married Filing Separately Personal Exemptions in 2017: $4,050 Child Tax Credit in 2017: $1,000 per child 2017 $6,350 $12,700 $9,350 $6,350 Calculate the total 2017 tax liability for a surviving spouse with one dependent child with a gross income of $44,220, no salary reductions for employer-provided benefits, and no itemized deductions. (Round to Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2017 tax year is $ the nearest dollar.) Click the following link for a standard deduction table. B Calculate the 2017 total tax for Gordon Geist, a single taxpayer without dependents and no itemized deductions. He has active income of $45,000, a short-term capital gain income of $3,800 from the sale of stock, and $6,000 from book royalties. What is Gordon's average tax rate? Gordon's total gross income for the 2017 tax year is $ (Round to the nearest cent.)
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