Jim, 49, and Linda, 50, are married and will file a joint return. They have 2 children. Todd, 20 years old, and Traci, 15 years old; who both live with their parents all year. Todd has a part time job and Traci is still in high school. Jim and Linda provided more than 50% of the support for both children. Jim's wages were $26500; Linda's wages were $16805; Todd's gross income was $3100; Traci's was $0. Jim, Linda, Todd, and Traci had health care coverage all year throughJim's employer. Jim and Linda are not claiming any education or retirement savings contribution credits. Question 1: What is the sum of Jim and Linda's standard deduction and their exemptions? Question 2: What is the amount of Jim's and Linda's taxable income? Question 3: What is the amount of Jim's and Linda's earned income credit?
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Jim, 49, and Linda, 50, are married and will file a joint return. They have 2 children. Todd, 20 yea...
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