Question

The​ Lees, a family of two adults and two dependent children under age​ 16, had a gross annual income of

​$68,000

for

2017.

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.Assuming the​ Lees' filing status is married filing​ jointly, their standard deduction for the

2017

tax year is

​$nothing.

​(Round to the nearest​ dollar.)  Click the following link for a standard deduction table.

LOADING...

The Lee family has two adults and two dependent children under age​ 16, therefore, their exemption amount for the

2017

tax year is

​$nothing.

​(Round to the nearest​ dollar.)Their taxable income for the

2017

tax year is

​$nothing.

  ​(Round to the nearest​ dollar.)Their child tax credit amount for the

2017

tax year is

​$nothing.

​(Round to the nearest​ dollar.)The​ Lees' total income tax due for the

2017

tax year is

​$nothing.

​(Round to the nearest​ cent.) Click the following link for the tax rates and brackets table.

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Their marginal federal income tax rate for the

2017

tax year is

nothing​%.

​(Round to the nearest whole​ percent.)Their average federal income tax rate for the

2017

tax year is

nothing​%.

​(Round to two decimal​ places.)

Answer 1

The Lees’ marginal tax bracket is 15 percent as shown in Table 4.1.

2017
$68,000.00	Gross Income
$0.00	Adjustments
–$12,700.00	Standard Deduction, Married filing jointly
–$16,200.00	Exemptions (x4)
$39,100.00	Taxable income

2017
$1,865.00	Liability (10% bracket)
+$3,067.50	Liability (15% bracket)
$4,932.50	Total tax liability
– $2,000.00	Tax credits (Child tax)