Holly and Ken are married and have three children living at home: Ken, Jr., age 21, goes to college full-time and earned $7,000 from his part-time job; Sara is 19 and earned $19,000 as a secretary; Claudia is 15 and is in high school. Claudia made $42,000 as a model this year, all of which was put into a trust account except for her manager's f1ee. Ken made $65,000 in 2011 as an engineer and Holly earned $7,000 as a substitute teacher. If they have $18,000 of itemized deductions, what is Holly and Ken's tax liability on their joint return in 2011?

Question

Quizplus · Accepted Answer

$72,000 - $18,000 - (4 x $3,700) = $39,200; ($39,200 - $17,000) x .15 + $1,700 = $5,030

Holly and Ken Are Married and Have Three Children Living