Homework Answers
Solution:
Given that the following information about
Andy and Sally are married and under 50. They have 3 children under 12. They pay Sally's mom $200 a month for the entire year to care for the children.
Sally's salary (Federal withholding $ 800) 8,000
Andy's salary (Federal withholding $500) 7,000
|
Particulars |
Amount ($) |
|
Sally’s salary |
8000 |
|
Andy's salary |
7000 |
|
Total income (105000 +3000) |
15000 |
|
Less: Dependence allowance (200 x 12) |
2400 |
|
12600 |
|
|
Less: Standard deduction (Married couple filing joint return) |
12600 |
|
Being lower than $12700 |
|
|
Taxable income |
0 |
The standard deduction allowed to married couple filling joint return is $12,700. However, since the income after deduction of dependence allowance is less than $12700 hence, the whole amount of such income would be allowed as standard deduction.
Add Answer to:
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