Christy Connor: Bartender or Tax Expert? Christy Connor, who is single, goes to

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Christy Connor: Bartender or Tax Expert? Christy Connor, who is single, goes to graduate school part-time and works as a waitress at the Slyer Slipper in Charlotte, North Carolina. During the past year (2008), her gross income was $18,700 in wages and tips She has deeded to prepare her own tax return because she cannot afford the services of a tax export After preparing her return, she comes to you to advice Here's a summary of the figures she has prepared thus far. Christy believes that if an individual's income falls below $20,350, the federal Government considers him or her "poor" and allows both itemized deductions. Calculate Christy Connor's taxable income, being sure to consider her exemption. Assume that the standard deduction for a single taxpayer is $5,450 and that each exemption clamed is worth $3,500 Discuss with Christy her errors in interpreting the tax laws, and explain the difference between itemized deductions and the standard deduction. Christy has been dating Michael letterman for nearly 4 years, and they are seriously thinking about getting married Michael has income and itemized deductions that are identical to Christy's How much tax would they pay as a married couple (using the filing status of married filing jointly and a standard deduction of $10,900) versus the total amount the two would pay as single persons (each using the filing status of signal)? Strictly from a tax perspective, does it make any difference whether Christy and Michael stay single or get married? Explain.

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