Contrast the Tax Consequences Resulting from the Following Filing Status

question 73

Essay

Contrast the tax consequences resulting from the following filing status situations:
a. Married filing jointly versus married filing separately.
a. Married persons filing jointly have a number of tax elections available to them that cannot be chosen if they file separate returns. For example, the credit for child and dependent care expenses and the earned income credit are not available unless married persons file joint returns.
b. Married filing separately versus single.
c. Married filing separately versus abandoned spouse status.

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Definitions:

Clenching

The action of closing or holding tight, particularly referring to jaws or fists.

Walker

A mobility aid consisting of a frame that is used for support and stability by individuals with balance, strength, or walking difficulties.

Mobility Device

Equipment designed to assist individuals with walking or otherwise improve the mobility of people with physical disabilities.

Abduction

To move away from the midline.