1. Jones and his 6 year old son live with u ones father Bidwell for the whole year, Jones has an Adjusted income of $15,000 and Mr. Bidwell has an AGIof $25,000. Jones is single. Gross Required a. Who can claim the 6-year old boy for Ec credit? b. What is your reason for answer in (a) above?
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1. Jones and his 6 year old son live with u ones father Bidwell for the whole year, Jones has an Adjusted income of $15,000 and Mr. Bidwell has an AGIof $25,000. Jones is single. Gross Required a. Who can claim the 6-year old boy for Ec credit? b. What is your reason for answer in (a) above?
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- After two and one-half years of working with the orphanage and the government, Jake and Nikki adopted a two-year-old girl from Korea. The adoption process, which became final in January 2022, incurred the following qualified adoption expenses. For how much and in which year can Jake and Nikki take the adoption credit? (Assume no limitation of the credit due to AGI.) Year 2021 $ 6,225 Year 2022 $ 1,150Determine the amount of the child tax credit in each of the following cases: Answer is complete but not entirely correct. Child Tax Credit Allowed a. A single parent with modified AGI of $214,700 and one child age 4. $ 1,250 b. A single parent with modified AGI of $79,300 and three children ages 7, 9, and 12. $ 6,000 × c. A married couple, filing jointly, with modified AGI of $409,233 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,355 and one child, age 13. $ 3,538 $ 2,000Listen Calculate 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 AGI Question 30 4) Listen Daddy Warbucks is in the process of adopting Annie from a New York orphanage. He pays $7,000 in 2019, and S7,500 in 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 never finalized?
- Required Information (The following information applies to the questions displayed below.] Lauren owns a condominium. In each of the following alternative situations, determine whether the condominium should be treated as a residence or a nonresidence for tax purposes. b. Lauren lives in the condo for 11 days and rents it out for 16 days. O Residence O Nonresidence Next >Q.7. In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $116,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $_____ Tax liability (round to the nearest dollar): $____Jesus and Mindy have modified AGI of $239,000, adopted a girl from Miami, Florida, and incurred a total of $18,000 in qualified adoption expenses. What is the amount of adoption credit they can claim in the current year? (Do not round interim calculations) Multiple Choice $14,890. $10,985. $18,000. $9,087.
- Determine the amount of the child tax credit in each of the following cases: Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,200 and one child age 4. b. A single parent with modified AGI of $78,800 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $408.733 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $132,855 and one child, age 13. Child Tax Credit Allowed $ $ $ 19 $ 1,900 x 9,000 x 6,000 x 3,000Bill is single and fully supports his mother who is in a nursing home. Bill's mother has no income. What is his filing status? Choose one answer. a. MFS b. Q/W С. НОН d. SProblem 9-23 (Algorithmic) (LO. 4, 5) Chris and Heather are engaged and plan to get married. During 2023, Chris is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Heather is employed and has wages of $79,200. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Q Search Filing Single S PRE ta Chris LA L Heather 1 Filing Single b. Assume that Chris and Heather get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. SA SA SA 7:29 2/8/2
- Qualifying Dependents (LO 1.6) In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if so, the total amount of the child tax credit and other dependent credit for 2021 (assuming no advance payments or limitations apply). If an amount is zero, enter "0" a. Donna, a 20-year-old single taxpayer, supports her mother, who lives in her own home. Her mother has income of $1,350. b. William, age 43, and Mary, age 45, are married and support William's 19-year- old sister, who is not a student. The sister's income from a part-time job is $4,300, c. Devi was divorced in 2019 and receives child support of $250 per month from her ex-husband for the support of their 8-year-old son, John, who lives with her. Devi is 45 and provides more than half of her son's support. d. Wendell, an 89-year-old single taxpayer, supports his son, who is 67 years old, lives with him and earns no income. e. Wilma, age 65, and Morris, age 66, are married. They file a joint…Hannah is a teacher, single, had gross income of $50,000, and incurred the following expenses: Charitable contribution Taxes and interest on home Legal fees incurred in a tax dispute Medical expenses Supplies for her third grade class Her AGI is: X a. $49,700. b. $39,750. c. $39,700. d. $40,000. $2,000 7,000 1,000 3,000 350Determine the amount of the child- and dependent-care credit to which each of the following taxpayers is entitled. If an amount is zero, enter "0". Round intermediate computations and final answer to the nearest dollar. Note: Round your percentage computations up to the next whole number before using in credit dollar amount computations. a. Caryle and Philip are married and have a 4-year-old daughter. Their adjusted gross income is $47,600, and they pay $2,300 in qualified child-care expenses during the year. Caryle earns $17,100, and Philip earns $30,500 in salary. $fill in the blank 1 b. Natalie is a single parent with an 8-year-old son. Her adjusted gross income is $25,000, and she pays $3,190 in qualified child-care expenses. $fill in the blank 2 c. Leanne and Ross are married and have three children, ages 6, 4, and 1. Their adjusted gross income is $77,000, and they pay $6,340 in qualified child-care expenses during the year. Leanne earns $47,600, and Ross earns…
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