What is marley taxable income

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Reference no: EM132226616

In 2018, Marley, age 70 and head of household, had income of $37,000 and exclusions of $500. Marley had adjustments/deductions for AGI of $1,500, and his itemized deductions for the year totaled $17,500. Marley had a QBI deduction of $2,000.

1. What is Marley’s taxable income?

2. Using the head of household tax rates schedules, what is Marley’s federal income tax liability (before credits) for 2018?

3. If Marley is age 70 and blind, what would Marley’s taxable income be? Marik, age 17, is a dependent of his parents. 8. In 2018, Marik earned wages of $500 and had interest income of $600. What is Marik’s standard deduction amount?

4. If, instead, Marik’s 2018 wages were $12,000 and he had no investment income, what would Marik’s standard deduction amount be?

5. Julia donates $5,000 to charity each year (an itemized deduction). In the past, Julia has itemized her deductions each year. However, because of the new cap on the deduction of state and local taxes, Julia anticipates her itemized deductions will be just below the amount of her standard deduction. What tax planning strategy would you recommend Julia consider? Your answer should be only one word.

Reference no: EM132226616

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