1. Calculate the tax for a married couple with taxable income of$80,000, four-personal exemptions (self, spouse, and two children),and $23,000 of itemized deductions (State and real estate taxes$13,000, mortgage interest $10,000). How much would you owe intaxes under the old rates in 2017 and now in 2018 under the new TaxCuts and Job Acts 2017 rates?
2. Calculate the tax for a married couple with taxable income of$350,000, four-personal exemptions (self, spouse, and twochildren), and $43,000 of itemized deductions (State and realestate taxes $23,000, mortgage interest $20,000). How much wouldyou owe in taxes under the old rates in 2017 and now in 2018 underthe new Tax Cuts and Job Acts 2017?
3. What is your opinion of how the Tax Cuts and Job Acts 2017has impacted individuals with or without children at the differentincome levels?