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Shannon and Eric Stafford are married with 3 children. The ages of the children are 5 (Lilly), 8
(Reagan) and 12 (Katie). They currently reside in Houston, Texas and was impacted by a recent
natural disaster.
 Combined Shannon and Eric gross income: $250,000
 IRA deduction: $7,000
 Standing deductions: $18,350
 Amount withheld for federal income tax: $10,500
 Child tax credit: $4,000
 Filing status: Married
 Hurricane Disaster Amount: $4,000
 Mortgage Interest: $5,000
 Property taxes: $10,000
 United Way contributions: $5,000
Answer the following:
1. What is the AGI (Adjusted Gross Income) Note: AGI = Gross income – Adjustments
2. What is the Stafford’s taxable income?
3. Based on this information, what is amount owed to the IRS or refunded to the Stafford’s
by the IRS?
4. Imagine that the IRA deduction is $20,000 instead of $7,000, what would be the refund
or owe taxable amount?
5. Refer to the IRS (www.irs.gov and www.taxlogic.com) and identify three recent changes
in tax laws that may affect your financial planning decisions.

Sagot :

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