Determine the standard deduction

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Problem 1: The Lees, a family of two adults, and two dependent children under age 16, had a gross annual income of $68,000 for 2017. In 2017, the standard deduction was $12,700. Determine their standard deduction, exemption, and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly.

Reference no: EM132813296

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