4. A small town has been cryogenically frozen since 2014.When they thaw out, they want to...

4. A small town has been cryogenically frozen since 2014.When they thaw out, they want to know how their tax rates have changed after the Tax Cuts and Jobs Act of 2017. In all cases assume the standard deduction is taken and personal exemptions are taken for everyone in the household.a. Mo earns $90,000. He is a single filer. What is his average tax rate in 2014 versus in 2019?b. Elaina earns $90,000. She is married, and files as a married couples filing jointly with her spouse who earns no income. What is her average tax rate in 2014 versus in 2019? c.Meriam earns $90,000. She files as a head of household with four dependents. What is her average tax rate in 2014 versus in 2019?d. Based on this example, what demographic has benefitted the most from the changes in the Tax Cuts and Jobs Act of 2017?

Expert Solution

Note _There no deduction provisions for dependent in either old lax or new law hence here the mariam will be taxed as single filer.

jeff jeffy answered 5 months ago

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4. A small town has been cryogenically frozen since 2014.When they thaw out, they want to...

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