CengageNOWv2 | Online teacX 851bc 399-d622-41be-84e0- x C Search Textbook Soluti

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CengageNOWv2 | Online teacX 851bc 399-d622-41be-84e0- x C Search Textbook Solutions nment/takeAssignmentMain.do?invoker-assignmentsi& isessionLocator-assignment-take& inprogress=f eBook Calculator Problem 3-37 (LO. 3,4) Sam and Elizabeth Jefferson file a joint return. They have three children, all of whom qualify as dependents. If the Jeffersons reports 2017 AGI of $335,900, what is their allowable deduction for personal and dependency exemptions? When computing the reduction factor, round the amount up to the next whole number and use Click here to access the AGI phaseout table to use. in subsequent computations Feedbeck All work saved.

Explanation / Answer

Exemption amount = 4050*5= 20250 AGI in excess of Phaseout threshold = (335900-313800)= 22100 Reduction factor = 22100/2500= 9 Reduction amount = 9*2% = 18% Allowable Deduction for personal and dependency exemption = 20250-(20250*18%)= 16605

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