Use my Chapter 6 notes that we discussed in class to help answer the questions below. I list 4 sets of taxpayers below. For each set of taxpayer(s), perform the following:

A) Determine the AGI this year for the taxpayer(s).

B) Determine the amount of itemized deductions the taxpayer(s) has (have) available this year.

C) Using the 2017 standard deduction amounts (assuming no additional amounts for age or blindness) from Appendix D in of your book, state whether the taxpayer(s) itemize or take the standard deduction. I am not asking for you to state the amount of either the standard deduction or the itemized deductions chosen.

D) Use the individual tax formula and a flat 20% tax rate on all types of taxable income to determine the amount of taxes due or refund amount. Remember to clearly marking the answer as either the amount of tax due or a refund due (e.g. refunds are negative amounts as represented with parentheses or a negative sign, alternatively you can just write "refund" next to it). Assume AMT does not apply, and there are no tax credits available.

A), B), and C) are worth 6 points each for each setting. D) is worth 7 points in each setting. In other words, each of the 4 settings below is work 25 points in total.

1. Stacie and Ryan are married and file jointly for the 2017 tax year. They have two sons. Their sons are age 10 and 14. Stacie and Ryan's wages in total for the year was $133,000. Their employers withheld $18,000 in tax from their wages. In addition to the above, the following occurred the 2017 tax year:

They moved several states away because of career relocation for Ryan. Their unreimbursed moving costs were $10,000.

Stacie and Ryan pay $3,500 of the interest on a loan Ryan's postsecondary education.

They paid $2,000 in medical insurance premiums for the year. In addition, they paid $1,000 for hospital stay after an emergency room trip for Stacie.

The couple paid $250 for an accountant to prepare their taxes.

Their accountant calculates that their total state income tax liability is $4,000. The couple pay all their state taxes during the 2017 tax year.

2. Shela is single and works for a law firm. In the 2017 tax year, she made $110,000 this year in salary and $10,000 of gross interest income from a corporate bond. Her law firm withheld $16,000 of tax from her salary this year. In addition to the above, the following occurred this year:

She paid $7,000 in interest on her mortgage for her primary residence.

She had a rental loss (had greater expenses as a landlord than revenue) by $2,000.

She sold stock she had held for 9 months at $4,000 less than her tax basis at the time of the sale.

Shela owned a 20% interest in a partnership during the year. The partnership had a $20,000 loss from operations during the year and made no distributions.

Shela volunteers for the Red Cross using her legal skills to do administrative work for the charity. She estimates her time volunteering is worth $5,000.

3. Kevin is single. In 2017, he earned $65,000 in salary this year from his employer and received $10,000 in alimony from his ex-wife. His employer withheld $9,000 in tax from his salary this year. In addition to the above, the following occurred this year:

He decided he did not like his nose. So he paid $2,000 in cosmetic surgery to make it larger and more defined.

He paid $2,500 in union dues and for subscriptions to publications related to his work that were not reimbursed by his employer.

He paid $15,000 in rent his apartment for the year.

4. Rebecca and Thomas are married and file jointly for the 2017 tax year. They are both advertising consultants for the same company. They earned $85,000 in salaries in total and the company forgave a $20,000 loan they made to the couple earlier in the tax year. They were solvent at the time the loan was forgiven. Their firms withheld $20,000 of tax from their salaries this year in total. In addition to the above, the following occurred during the year:

They paid $15,000 in mortgage interest and $3,000 in real estate taxes for their primary residence.

Rebecca paid $6,000 on college tuition this year.

They sold their SUV for $1,500 less than its adjusted tax basis. They had owned it for 7 years. They are not high income taxpayers.