Gary and Lakesha were married on December 31 last year. They are now preparing their taxes for the April 15 deadline and are unsure of their filing status. a. What filing status options do Gary and Lakesha have for last year?

Thier status should be either Married filing jointly or Married filing separately.

Explanation:

For Filing status purposes, taxpayers must be married at the end of the year and filing status depend on whether you're considered married or single by the end of that year. One is considered for tax purposes if legally married on the last day of the year and living with his or her spouse.

Gary and Lakesha were married on the last day of the year, 31st December and so for filing purposes, are considered married for the entire year . Gary and Lakesha can either file as married filing jointly, or they may choose to file as married filing separately. Though it is necessary for them to choose the one that allows them to pay the least amount of tax.

i would say a certificate of deposit, so you're not locked into a long term, and it has more security than a mutual fund.

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