(Answered) You must explain how you arrived at your answerricky is 45

Accounting

You must explain how you arrived at your answer.

Ricky is 45 years old and single. Ricky and his wife divorced three years ago and he has sole custody of their two sons. Ricky's daughters, Carly and Katelyn, are both in elementary school and are 5 and 10 years old, respectively. Ricky's mother, Meany, is retired. Meany does not work and Ricky fully supports her. Ricky maintains a home in Novi, Michigan, where his mother and sons both reside.

Ricky is an engineer and makes $125,000, per year. During the year Ricky also had the following sources of income:

Child Support for his 2 daughters $15,000

Dividends From Clothing Corp $5,000

Interest on Novi School District Bonds $1,000

Interest on a savings account $1,000

Interest on a money market account $2,000

Cash prize award in a golf tournament $500

Ricky had itemized deductions of $12,500

Questions:

1. What is Ricky's filing status?

2. How many exemptions may Ricky claim on his current year tax return?

3. What is Ricky's Standard Deduction for the current year (2017)?

4. What is Ricky's Gross Income?

5. What is Ricky's Taxable Income?

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