Question

When filing separately, both Melvin and Sylvia have a standard deduction of $5700, and each can claim him/herself as an exemption for $3650. Neither has any additional adjustments to income. What is Melvin's taxable income? How about Sylvia's taxable income?

Answer 1

Melvin and Sylvia's taxable income is calculated by subtracting the sum of the standard deduction ($5,700) and the personal exemption ($3,650) from their adjusted gross income. Since the adjusted gross income was not provided, the exact taxable income cannot be determined without that information.

Step-by-step explanation:

When calculating Melvin and Sylvia's taxable income, we first need to use the given standard deduction and personal exemption to determine their taxable income. According to the information, the standard deduction is $5700 and the personal exemption is $3650 Therefore, we subtract the sum of these deductions from their adjusted gross income to find their taxable income.

Assuming Melvin and Sylvia both have the same adjusted gross income and ignoring any typos or irrelevant parts of the questions being asked, we have:

• Adjusted gross income (Assumed): This will be provided in the actual scenario, which is not given in the question.
• Standard deduction:$5700
• Personal exemption: $3650

The formula for each individual's taxable income is as follows:

taxable income = adjusted gross income - (standard deduction + personal exemption)

To find Melvin or Sylvia's taxable income, simply plug their adjusted gross income into the formula.

Answer 2

If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. In many cases you will not be able to take the child and dependent care credit. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.