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Using the 2017 tax laws, answer these questions about the following scenario. Jim (49) and Linda...

Using the 2017 tax laws, answer these questions about the following scenario.

Jim (49) and Linda (50) are married and will file a joint return. They have two children, Todd (20), and Traci (15), who both lived with their parents all year. Todd has a part time job and Traci is still in high school. Jim and Linda provide more than 50% support for both children. Jim’s wages were $26,500; Linda’s wages were $16, 500; Todd’s gross income was $3,100; Trace’s was $0. Jim, Linda, Todd, and Traci had healthcare coverage through Jim’s employer. Jim and Linda are not claiming any education or retirement savings contribution credits.

a.       What is the sum of Jim and Linda’s standard deduction and their exemptions?

b.       What is the amount of Jim and Linda’s taxable income?

c.       What is the amount of Jim and Linda’s earned income credit?

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Answer #1

Jim (49) and Linda (50) are married and will file a joint return. They have two children, Todd (20), and Traci (15), who both lived with their parents all year. Todd has a part time job and Traci is still in high school. Jim and Linda provide more than 50% support for both children. Jim’s wages were $26,500; Linda’s wages were $16, 500; Todd’s gross income was $3,100; Trace’s was $0. Jim, Linda, Todd, and Traci had healthcare coverage through Jim’s employer. Jim and Linda are not claiming any education or retirement savings contribution credits.

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