ListenCalculate the total child tax credit and other dependent credit for the following taxpayers. Please explain your answers.a. Ninfa is a single mother with 8-year-old and 9-year-old dependent sons and has $50,000 of AGI.b. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI.c. Carol is single and has one dependent 18-year-old son and $21.000 of AGIQuestion 304) ListenDaddy Warbucks is in the process of adopting Annie from a New York orphanage. He pays $7,000 in 2019, and S7,500in 2020. Daddy Warbucks AGI for 2020 is S165.000.a. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2020?b. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2021?c. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption falls through and is neverfinalized?

Adjusted Gross Income is the term used in the calculation of gross income for all taxable sources…

. Ninfa is a single mother with S-year-old and 9-year-old dependent sons and has $50,000 of AGI. p. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI. E. Carol is single and has one dependent 18-year-old son and $21,000 of AGI

. Ninfa is a single mother with S-year-old and 9-year-old dependent sons and has $50,000 of AGI. p. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI. E. Carol is single and has one dependent 18-year-old son and $21,000 of AGI

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Joetta Hernandez is a single parent with two children and earns $67,500 a year. Her employer's group life insurance policy would pay 2.5 times her salary. She also has $90,000 saved in a 401(k) plan, $7,500 in mutualfunds, and a $4,500 certificate of deposit. She wants to purchase term life insurance for 15 years until her youngest child is self-supporting. She is not concerned about her outstanding mortgage, as the children would live with her sister in the event of Joetta's death. Assuming she can receive a 6 percent after-tax, after-inflation return on insurance proceeds, use the earnings multiple method to calculate her insurance need. How much more insurance does Joetta need to buy? What other information would you need to know to use the needs approach to calculate Joetta's insurance coverage? Assuming she can receive a 6% after-tax, after-inflation return on insurance proceeds and using the earnings multiple method, Joetta's insurance need is $_____
Demarco and Janine Jackson have been married for 20 years and have four children (no children under age 6 at year- end) who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The couple received salary income of $98,500 and qualified business income of $16,500 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $232,500 and they sold it for $282,500. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $17,800 of itemized deductions, and they had $4,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Required: c. What would their taxable income be if their itemized deductions totaled…
Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0. 1, What is Wade's correct and most favorable 2019 filing status? 2. Does Wade meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer. Wade is eligible to claim the Child Tax Credit/Additional Child Tax Credit. Wade is eligible to claim the Other Dependent Credit. Wade is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit. 3. Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents…
Lorenzo and Carlotta have three children (ages 5, 6, and 14). Lorenzo earned $36,000 in 2020. Carlotta worked part-time and earned $5,000. They had no other income. They paid a total of $4,600 in qualifying childcare expenses for their two youngest children ($2,300 for each child). The 14-year-old is Lorenzo's son from a prior marriage. He lives with Lorenzo's first wife, but Lorenzo will be claiming his son as a dependent this year. What is the correct amount of the federal Child and Dependent Care Expenses Credit? $495 $945 $990 $1,012
Bobby is 35 and single. He works for ExxonMobil in their offices in Dallas, Texas. Bobby has an Aetna PPO with a $2,500 individual deductible, co-insurance in network is 80/20. His Max out of pocket is $10,500 per year. On the way to a meeting at the office, Bobby trip and fell down the stairs. He suffered significant injuries and had to be airlifted to the hospital, He was in a coma for 3 days and had to have multiple surgeries. Fortunately, he has fully recovered. All-in-all his medical bills added up to $82,345 How much of Bobby's medical expenses will Aetna cover? (Use a positive number and round to the nearest dollar)
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children (ages 4, 8, 11, and 14) who live with her. She also maintains the household in which her parents live and furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte's father received $2,400 from a part-time job. Charlotte has a salary of $80,000, a short-term capital loss of $2,000, a cash prize of $4,000 from a church raffle, and itemized deductions of $10,500. Click here to access the standard deduction table to use, if required. If an amount is zero, enter "$0". a. Compute Charlotte's taxable income. $fill in the blank: 56,900 (correct) b. Using the Tax Rate Schedules (click here), tax liability (before any allowable credits) for Charlotte is $fill in the blank: 6,430 for 2021. (correct) c. Compute Charlotte's child and dependent tax credit. Charlotte's child tax credit is $fill in the blank: 12,600 (Incorrect) , of which $fill in the…
Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5.• Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare.• Richard declined to receive advance child tax credit payments in 2021.• Richard’s earned income in 2019 was $19,000.• Richard and Isabella are U.S. citizens and lived in the United States all year in 2021.• Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021. 30. Richard is not eligible to claim the Qualifying Widower filing status. true or false 31. What is Richard’s adjusted gross income on his Form 1040? A. $41,500 B. $41,580 C. $41,600 D. $41,620 32. Richard is eligible to claim the child…
Charlotte (age 40) is a surviving spouse and provides all of the support of her four minor children, who live with her. Charlotte also maintains the household in which her parents live, and she furnished 60% of their support. Besides interest on City of Miami bonds in the amount of $5,500, Charlotte’s father received $2,400 from a part-time job. Charlotte earns an $80,000 salary, a short-term capital loss of $2,000, and a cash prize of $4,000 at a church raffle. Charlotte reports itemized deductions of $10,500. Use tax figures for 2022.a. Compute Charlotte's taxable income.b. Using the Tax Rate Schedules , tax liability for Charlotte is $ for 2022.c. Compute Charlotte's child and dependent tax credit.
Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year. Adrienne paid $2,350 in child care expenses so that she would be able to work. Of this amount, $660 was paid to Adrienne’s mother, whom Adrienne cannot claim as a dependent. Adrienne had net earnings of $1,700 from her jewelry business. In addition, she received child support payments of $20,700 from her ex-husband. Use Child and Dependent Care Credit AGI schedule. Required: What amount, if any, of child and dependent care credit can Adrienne claim?
Bob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500. They have two children, ages 11 and 7. How much child tax credit can Bob and Carol claim for their two children?
Sam, age 24, is a full-time student and single. The majority of his support is provided by his parents. How much gross income can he earn in 2022 without disqualifying him as a dependent? No income limit exists $1.149 0 $2,299 $4,399 $12,949.
Larry and Laura Morton have one child. Tina is a 15 year old high school sophomore. Laura's sister, Meg (23 years old), also lives with them and they furnish over half of her support. Meg earns $3,000 working part-time. Larry and Morton's AGI is $170,000. What are the total amounts of their credits for dependents? (Note: some prior knowledge of dependency status is assumed here - SEE Chapter 3 for a refrecher if vou needenel