Personal Finance

posted by .

The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $68,000 for 2007. Determine their standard deductions, exemption, and child tax credit amounts, as well as their marginal and average tax rates assuming their filing status is married filing jointly.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Finance

    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 …
  2. Math

    match the word with the definition: (A)Personal exemptions (B)Adjustments (C)Tax credits (D)Itemized deductions (1) The amount you may be able to deduct from your adjested gross income based on how you spent your money during the year. …
  3. ACC 233-INCOME TAX

    Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary $60,000 Business Income $25,000 Intrest income(bonds)$10,000 Tax-exempt bond interes $ 5,000 ________ TOTAL INCOME $100,000 …
  4. Income Tax - Accounting. Help Me Please.

    Tax Rates, latesha, a single taxpayer, had the following income and deductions for the year 2009. INCOME Salary $60,000 Business Income $25,000 Intrest income(bonds)$10,000 Tax-exempt bond interes $ 5,000 ________ TOTAL INCOME $100,000 …
  5. federal tax

    Compute Marie's taxable income for 2008, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000 and she has itemized deductions of $9,000.
  6. income tax

    Sean and Jenny are married, file a joint return and have two dependent children, Blake, age 9 and Jake, age 5. Sean has earned income of $72,000. Jenny was a full-time student (for nine months) with no income. They paid a qualified …
  7. income tax

    Kobe is a single dad with two dependent children, Lizzie, age 7 and Leslie, age 3. He has AGI of $51,000 and paid $6,300 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit?
  8. Math

    Jason and Mary are married taxpayers in 2015. They are both under 65. For the tax year, they have a total of $41,000 in wages and $500 in interest income. Their deductions for adjusted gross income is $5,000 and their itemized deductions …
  9. Math

    Jason and Mary are married taxpayers in 2015. They are both under 65. For the tax year, they have a total of $41,000 in wages and $500 in interest income. Their deductions for adjusted gross income is $5,000 and their itemized deductions …
  10. Math

    Jason and Mary are married taxpayers in 2015. They are both under 65. For the tax year, they have a total of $41,000 in wages and $500 in interest income. Their deductions for adjusted gross income is $5,000 and their itemized deductions …

More Similar Questions