Using the married filing jointly status and their income and expense statement,

Question

Using the married filing jointly status and their income and expense statement, calculate the 2014 tax liability for Shameka and Curtis Williams. First use the standard deduction, and then use the following itemized deductions:

Income                                                                              Expenses

Earned income         $53,000.00                          Home mortgage interest             $8,300,00
Home mortgage interest        1,600.00                             Real estate and state income taxes    $3,700.00
                                                                                          Miscellaneous deductions                   $350,00
Explain to the Williams which method they should use and why.

Q1- Shameka and Curtis' total gross income for the 2014 tax year is ? (Round to the nearest cent.)

Explanation / Answer

Foss income 58400
b. Exemption amount 7400
c. Standard deduction 11600
d. Taxable income 39400
e. Standard deduction tax due 5060
f. Itemized deduction 12100
g. Taxable income 38900
h. Itemized deduction tax due 4985
i. THEY SHOULD ITEMIZE

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