tips during 2017 and owes social Security taxes on these tips. Her total income for the year, including tips, is $4,500. Is Monica required to file an income tax return for 2017? maid in San Francisco Hotel. Monica received $800 in unreported 5. Monica is a Why? 6. Determine from the tax table or the tax rate schedule, which is appropriate, the amount of the income tax for each of the following taxpayers for 2017. Income Tax Macintoch Hindmarsh Kinney Rosenthal Wilk Single MFS MFJ H of H Single Taxable Income $35,680 $62,100 $142,000 $91,350 $41,130 7. Betty (age 39 and Steve (age 50) are married with two dependent children. They file a joint return for 2017. Their income from salaries totals $155,000; they received $1,000 in taxable interest and $2,000 in royalties. Their deductions fro tions totaling $40,000. Calculate the following amounts: a. Gross income b. Adjusted gross income c. Itemized deduction or standard deduction amount d. Deduction for exemption e. Taxable income f. Regular income tax liability from rate schedules 8. In 2017, Len has a salary of $50,000 from his job. He also has interest income of $300. Len is single and has no dependents. During the year Len sold stock held as an investment for a $10,000 loss. Calculate the following amounts for Len. a. Adjusted gross income b. Standard deduction c. Exemption d. Taxable income e. Explain the tax treatment of the loss from the stock sale