Adam Attended College for Much of 2015,during Which Time He

question 52

Essay

Adam attended college for much of 2015,during which time he was supported by his parents.Erin married Adam in December 2015.They live in a common law state.Adam graduated and will commence work in January 2016.Erin worked during 2015 and earned $20,000.Adam's only income was interest of $1,100.Adam's parents are in the 28% tax bracket.Thus,claiming Adam as a dependent would save them $1,120 ($4,000 × .28).
a.What is Erin and Adam's tax liability if they file a joint return?
b.What is Erin and Adam's total tax liability if they file separate returns and Adam's parents claim him as a dependent?

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Definitions:

Pitting Edema

A condition characterized by swelling in the body's tissues which, when pressed, leaves an indent that slowly fills back in, often indicative of fluid accumulation or poor circulation.

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The noises made by the movement of the intestines as they push food through the gastrointestinal tract, typically heard with a stethoscope during a physical exam.

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Breath sounds normally heard over most lung fields, characterized by a soft, rustling quality associated with air moving through smaller airways.