# Question & Answer: Compute the taxable income for 2017 in each of the following independent situations. The personal exemptio…..

Compute the taxable income for 2017 in each of the following independent situations. The personal exemption amount for 2017 is \$4,050. Click here to access the standard deduction table to use if required.

a. Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of \$65,000 and itemized deductions of \$15,000.

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Question & Answer: Compute the taxable income for 2017 in each of the following independent situations. The personal exemptio…..
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 AGI \$65,000 Less: itemized deductions Less: personal and dependency exemptions Taxable income

b. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of \$80,000 and itemized deductions of \$8,000.

 AGI \$80,000 Less: standard deduction Less: personal and dependency exemptions Taxable income \$

c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of \$75,000 and itemized deductions of \$10,100.

 AGI \$75,000 Less: Less: personal and dependency exemptions Taxable income \$

d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of \$58,000 and itemized deductions of \$9,500.

 AGI \$58,000 Less: Less: personal and dependency exemptions Taxable income \$

e. Dale, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies as Dale’s dependent. Dale has AGI of \$64,000 and itemized deductions of \$9,900.

 AGI \$64,000 Less: Less: personal and dependency exemptions Taxable income \$