In your own words please answer the following, or some ofthem:5. How was the...In...

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Accounting

In your own words please answer the following, or some ofthem:
5. How was the income tax formula for individuals changed for2018 by the Tax Cuts and Jobs Act?
6. Why are some deductions called“above the line” deductions and otherscalled
“below the line” deductions? What is the“line”?
7. For tax purposes, why is the married filing jointlytax status generally preferable
to the married filing separately filing status? Whymight a married taxpayer prefer not to
file a joint return with the taxpayer’sspouse?
8. What does it mean to say that a married couple filinga joint tax return has joint
and several liability for the taxes associated with thereturn?

Answer & Explanation Solved by verified expert

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Solution5 How was the income taxformula for individuals changed for 2018 by the Tax Cuts and JobsActThe TCJA simplified the tax code bymaking it more advantageous for many filers to take the standarddeduction instead of itemized deductions The TCJA expanded thestandard deduction from 6500 to 12000 for single filers and13000 to 24000 for joint filers in 2018This near doubling ofthe standard deduction limited the value of itemized deductionsmaking it more attractive to use the standard See Answer

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In: AccountingIn your own words please answer the following, or some ofthem:5. How was the...In your own words please answer the following, or some ofthem:5. How was the income tax formula for individuals changed for2018 by the Tax Cuts and Jobs Act?6. Why are some deductions called“above the line” deductions and otherscalled“below the line” deductions? What is the“line”?7. For tax purposes, why is the married filing jointlytax status generally preferableto the married filing separately filing status? Whymight a married taxpayer prefer not tofile a joint return with the taxpayer’sspouse?8. What does it mean to say that a married couple filinga joint tax return has jointand several liability for the taxes associated with thereturn?