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 $48,000.00 Home mortgage interest $7,800.00 Interest income 1,600.00 Real estate and state income taxes 3,850.00 Miscellaneous deductions 550.00 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.)
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 $48,000.00 Home mortgage interest $7,800.00 Interest income 1,600.00 Real estate and state income taxes 3,850.00 Miscellaneous deductions 550.00 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.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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
|
$48,000.00
|
|
Home mortgage interest
|
$7,800.00
|
Interest income
|
1,600.00
|
|
Real estate and state income taxes
|
3,850.00
|
|
|
|
Miscellaneous deductions
|
550.00
|
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.)
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