Holly and Ken (both age 46) are married and have three children living at home: Ken, Jr., age 21, goes to college full-time on a scholarship 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 fee. Ken made $67,200 in 2017 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 2017?

Question

Quizplus · Accepted Answer

$67,200 + $7,000 - $18,000 - (4 x $4,050) = $40,000; ($40,000 - $18,650) x .15 + $1,865 = $5,067.50; Sara is not a dependent

Holly and Ken (Both Age 46) Are Married and Have