Using the married filing jointly status and their income and expense statement, calculate the

2017

tax liability for Shameka and Curtis Williams. First, use the standard deduction, and then use the following itemized deductions:

Income			Expenses
Earned income	$49,000.00		Home mortgage interest	$7,800.00
Interest income	1,700.00		Real estate and state income taxes	3,800.00
			Miscellaneous deductions	750.00

Explain to the Williams which method they should use and why.

Shameka and Curtis' total gross income for the

2017

tax year is

$nothing.

(Round to the nearest cent.)Assuming Shameka and Curtis are filing jointly, their exemption amount for the

2017

tax year is

$nothing.

(Round to the nearest cent.)If Shameka and Curtis use the standard deduction, their standard deduction amount for the

2017

tax year is

$nothing.

(Round to the nearest dollar.)Note: Miscellaneous deductions, unlike charitable contributions are subject to a deduction threshold.) Click the following link for a

standard

deduction table.

LOADING...

Their taxable income for the

2017

tax year is

$nothing.

(Round to the nearest cent.)If Shameka and Curtis use the standard deduction, their total income tax due for the

2017

tax year is

$nothing.

(Round to the nearest cent.) Click the following link for the tax rates and brackets table.

LOADING...

If Shameka and Curtis itemize their deductions, their itemized deduction amount for the

2017

tax year is

$nothing.

(Round to the nearest cent.)If Shameka and Curtis itemize their deductions, their taxable income for the

2017

tax year is

$nothing.

(Round to the nearest cent.)If Shameka and Curtis itemize their deductions, their total income tax due for the

2017

tax year is

$nothing.

(Round to the nearest cent.)Click the following link for the tax rates and brackets table.

LOADING...

Which method should they use?(Select the best answer below.)

A.

Itemized deduction.

B.

Standard deduction.