Question

"A couple with four dependent children has an annual AGI of ​$156,000. Calculate the total dollar amount of personal exemptions that they can claim for the 2017 tax year.

The total dollar amount of personal exemptions that the couple can claim for the 2017 tax year is ​$___. ​(Round to the nearest​ dollar.)"a) $22,500
b) $24,300
c) $26,100
d) $28,700

Answer 1

For the 2017 tax year, a couple with four dependent children could claim a total of $24,300 in personal exemptions, with each exemption being worth $4,050.

Step-by-step explanation:

The total dollar amount of personal exemptions that the couple can claim for the 2017 tax year can be calculated by multiplying the number of dependents by the exemption amount.

The total dollar amount of personal exemptions that a couple with four dependent children can claim for the 2017 tax year is calculated based on the exemption amount set by the Internal Revenue Service (IRS) for that tax year. In 2017, the exemption amount was $4,050 per person. As such, with a family of six (the couple plus four children), the total number of exemptions would be six. Therefore, the total amount of personal exemptions would be:

$4,050 (amount per exemption) × 6 (number of exemptions) = $24,300.

The correct option is (b) $24,300.