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 Earned income Interest income $53,000.00 2,500.00 Expenses Home mortgage interest Real estate and state income taxes Miscellaneous deductions $8,300.00 3,700.00 350.00 Explain to the Williams which method they should use and why. Shameka and Curtis' total gross income for the 2017 tax year is $. (Round to the nearest cent.) Assuming Shameka and Curtis are filing jointly, their exemption amount for the 2017 tax year is $ (Round to the nearest cent.) If Shameka and Curtis use the standard deduction, their standard deduction amount for the 2017 tax year is $. (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. E Their taxable income for the 2017 tax year is $ (Round to the nearest cent.) (Round to the nearest cent.) Click the following link If Shameka and Curtis use the standard deduction, their total income tax due for the 2017 tax year is $ for the tax rates and brackets table. If Shameka and Curtis itemize their deductions, their itemized deduction amount for the 2017 tax year is $ (Round to the nearest cent.) If Shameka and Curtis itemize their deductions, their taxable income for the 2017 tax year is $ (Round to the nearest cent.) If Shameka and Curtis itemize their deductions, their total income tax due for the 2017 tax year is $ . (Round to the nearest cent.) Click the following link for Click to select your answer(s). (Round to the nearest cent.) Click the following link for If Shameka and Curtis itemize their deductions, their total income tax due for the 2017 tax year is $ the tax rates and brackets table. Which method should they use? (Select the best answer below.) A. Itemized deduction. B. Standard deduction. Click to select your answer(s). Tax Rates and Brackets Single If Taxable income is: The Tax is: Not over $9,325 10% of taxable income Over $9,325 but not over $37,950 $932.50 plus 15% of the excess over $9,325 Over $37,950 but not over $91,900 $5,226.25 plus 25% of the excess over $37,950 Over $91,900 but not over $191,650 $18,713.75 plus 28% of the excess over $91,900 Over $191,650 but not over $416,700 $46,643.75 plus 33% of the excess over $191,650 Over $416,700 but not over $418,400 $120,910.25 plus 35% of the excess over $416,700 Over $418,400 $121,505.25 plus 39.6% of excess over $418,400 Married Filing Joint Returns and Surviving Spouses If Taxable income is: The Tax is: Not over $18,650 10% of taxable income Over $18,650 but not over $75,900 $1,865 plus 15% of the excess over $18,650 Over $75,900 but not over $153,100 $10,452.50 plus 25% of the excess over $75,900 Over $153,100 but not over $233,350 $29,752.50 plus 28% of the excess over $153,100 Over $233,350 but not over $416,700 $52,222.50 plus 33% of the excess over $233,350 Over $416,700 but not over $470,700 $112,728 plus 35% of the excess over $416,700 Over $470,700 $131,628 plus 39.6% of the excess over $470,700 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 Print Done