Maurice and Judy (both age 32)have one natural daughter,age 4,and adopted twin boys,age 8.Their adjusted gross income on their joint return is $120,000.If they take the standard deduction,what is their tax liability after any allowable tax credits in 2015?

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Quizplus · Accepted Answer

$120,000 - ($4,000 x 5)- $12,600 = $87,400; Tax on $87,400 = $10,312.50 + ($87,400 - $74,900)x .25 = $13,437.50; ($120,000 - $110,000)/$1,000 x $50 = $500; ($1,000 x 3)- $500 = $2,500; $13,437.50 - $2,500 = $10,937.50.

Maurice and Judy (Both Age 32)have One Natural Daughter,age 4,and