# (TCO 3) Dr. Spark is a 33-year-old professor with two children: Lola is 6 years old and Justice is 2 years old.

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(TCO 3) Dr. Spark is a 33-year-old professor with two children: Lola is 6 years old and Justice is 2 years old. Dr. Spark’s 20-year-old girlfriend Jaci lived with him for 6 months in 2014, and the children lived with their mother for the entire year. In 2014, he earned \$106,000 from his primary employer, \$82,000 from a sale of stocks, and \$10,000 from the sale of Treasury bonds.

What is Dr. Spark’s filing status for the year 2014?

(TCO 3) Michael and Sue are a married couple in 2014 who file a joint return. Michael earned \$206,154 from his primary employer and Sue earned \$107,325 from her primary employer. In addition to their respective incomes, Sue received a refund of \$2,218 from her student loan and Michael received a refund of \$3,888 from the previous year’s tax return.

Calculate the couple’s total income.

(TCO 3) Michael and Sue are a married couple in 2014 who file a joint return. Michael earned \$75,000 from his primary employer and Sue earned \$65,000 from her primary employer. Their 16-year-old son lived with them and was fully supported. The couple had \$12,400 in standard deduction and \$13,618 allowable itemized deduction.

What is the couple’s taxable income?

(TCO 3) Dr. and Mrs. Jones expect taxable income of \$151,100 for 2015. He is 28; she is 32. What would be their estimated tax liability if they elect to file married filing jointly?

(TCO 3) Tom and Adam, both age 15, are claimed as dependents on their parents’ 2015 tax return. In that same year, Tom earned \$666 from his tutoring job and Adam earned \$1,050 from his summer job. In addition, the twins received \$65 allowance per week throughout the year from their uncle for cleaning his house.

Calculate their individual AGIs.

(TCO 3) Mr. and Mrs. Smith are joint filers with \$95,000 of AGI. The couple has five dependent children: Samuel, their 22-year-old-son; Tim, their 16-year-old-son; Lexi, their 19-year-old-daughter; Tya, their 14-year-old-daughter; and Kennedy, their 13-year-old daughter. For 2015, their child tax credit is _____

(TCO 3) Sara maintains a household for herself and her 12-year-old dependent daughter. Sara’s only income is \$10,000 from unemployment benefits.

What is Sara’s earned income credit?

(TCO 3) Margaret is a 25-year-old sailor with two children, ages 2 and 5. In 2015, her tax liability is calculated as \$12,548.75. What is your best guess of her taxable income group?

(TCO 3) Tanya is single and claimed as a dependent on her parents’ 2014 tax return. She has \$1,200 in interest income and also earns \$400 from part-time employment. What is Tanya's standard deduction?

(TCO 3) Margaret is a 25-year-old sailor with 2 children, ages 2 and 5. In 2015, she filed a joint tax return with her husband, their tax liability is calculated as 12,548.75. What is your best guess of the couple’s marginal tax rate?