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9 January, 12:05

Kevin and Jennifer are married and filing a joint tax return. They have a combined taxable income of $80,000. They have four children, whom they claim as dependents. When they file their 2018 income tax return, Kevin and Jennifer's taxable income will be reduced by what amount for their personal exemption deduction? A. $0 B. $12,150 C. $18,225 D. $24,900

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  1. 9 January, 14:38
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    A) $0

    Explanation:

    Starting in 2018, the Tax Cuts and Jobs Act eliminates personal exemptions. 2017 was the last year were personal exemptions were still valid and they were valued at per taxpayer, spouse and dependent.

    The Tax Cuts and Jobs Act of 2017 lowered corporate tax rate (set it to a flat 21%) and lowered most of the personal income tax rates, it also raised standard deductions but suspended personal exemptions.
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