Janet and Her Husband, Bob, Are Facing a Totally New

question 38

Multiple Choice

Janet and her husband, Bob, are facing a totally new income tax situation this year. She is a corporate accountant and Bob is an engineer. Their gross salaries total $89,000. Janet and Bob graduated from four-year universities six years ago and are still paying off large college loans. She is attending school part-time now to prepare for the CPA exam. The Emmersons incurred considerable expenses in the process of adopting an infant this year, and also have the ongoing expense of daycare. In January of last year they closed on their new home. Although trained as an accountant, Janet's work has not involved income tax preparation. Help them consider the following questions.
-The Emmersons

• A) have no dependents to declare.
• B) should calculate their taxes itemizing and taking the standard deduction to see which is greater.
• C) should use the married filing separately filing status.
• D) None of the above.