Adam Attended College for Much of 2014,during Which Time He

question 58

Essay

Adam attended college for much of 2014,during which time he was supported by his parents.Erin married Adam in December 2014.They live in a common law state.Adam graduated and will commence work in January 2015.Erin worked during 2014 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 $1,106 ($3,950 × .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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