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The Jacksons, a family of two adults and two dependent children under the age 16, had gross annual income of $68,000 for 2004. Determine their standard deduction, exemption, and child tax credit amounts; as well as their marginal and average tax rates assuming their filing status is married filing jointly

  • Finance - ,

    Go to www.irs.gov and follow the links for forms and publications for prior years. Find the link for Pub 17. (Stupid IRS no longer puts the rate schedule in the instructions for Form 1040; only the look-up table)

    You will find that in 2004:
    SD(joints) = 9700. (extra if blind and/or elderly)
    Exemptions = 3100.

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