Jane and Ed Rochester are married with a two-year-old child who lives with them and whom they support financially. In 2018, Ed and Jane realized the following items of income and expense:
They also qualified for a $2,000 child tax credit. Their employers withheld $5,800 in federal income taxes from their paychecks (in the aggregate). Finally, the 2018 standard deduction amount for MFJ taxpayers is $24,000.
What are the couple's taxes due or tax refund (use the tax rate schedules not tax tables)?
Definitions:
Optimal Pace
Optimal pace refers to the most efficient or effective speed at which an activity or process can proceed to achieve the best outcomes without compromising quality.
Sequencing
The arrangement of events, actions, or items in a particular order.
Buildup of Resistance
The gradual increase in opposition or pushback against a particular idea, change, or directive.
Sense of Continuity
The perception or belief in the ongoing, uninterrupted existence or operation of something.
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