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- 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 3,000Kamryn Brown is single and earns $65,000 in taxable income and will use the following tax rate schedule to calculate the taxes he owes. 0 - 10,275 10% 10,276-41,775 12% 41,776-89,075 22% 89,076-170,050 24% Calculate the dollar amount of taxes that Kamryn owes. Select one: O a. $2,737.66 O b. $9,916.66 O c. $10,000.00 O d. $17,587.66 Oe. $14,30011.A taxpayer is claiming tax preparation expense as a legal and professional fee. They paid $430 at your office last year. The forms breakdown by cost is as follows: Form 1040- $100 Form Sch. C- $125 Form SE- $55 Form 8867- $75 Form 8863- $75 What is the correct amount that can be deducted on their Schedule C for the current year? Choose one answer. a. $280 b. $180 c. $355 d. $430
- Timmy Tappan is single and had $187,500 in taxable income. Use the rates from Table 2.3. a. Calculate his income taxes. (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) c. What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) a. Income taxes b. Average tax rate c. Marginal tax rate % %Problem 10-37 (Algorithmic) (LO. 6, 7, 8, 9, 10, 11) Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person. At the beginning of the current tax year, Amy's tax basis capital account has a balance of $736,000, and the LLC has debts of $478,400 payable to unrelated parties. All debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. The following information about AM's operations for the current year is obtained from the LLC's records. Operating income W-2 wages Depreciation expense Interest income Long-term capital loss Long-term capital gain Charitable contribution (cash) Cash distribution to Amy Unadjusted basis of partnership property immediately after acquisition $1,104,000 200,000 300,000 11,040 7,360 22,080 11,090 55,200 1,600,000 Operating income equals revenue less operating expenses (other than…The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Alicia, age 27, is a single, full-time college student. She earns $13,200 from a part-time job and has taxable interest income of $1,450. Her itemized deductions are $845. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 Calculate Alicia's taxable income for 2020. $fill in the blank 1
- Sally McKrachen is a single young professional with a gross income of $51,000. Sally has no adjustments to gross income, but she does have itemized deductions totaling $4,275. If personal exemptions for the year are $3,700 each and the standard deduction is $5,800, what is Sally's taxable income? a. $ 37,225 b. $43,028 c. $47,300 d. $ 41,500The Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.7) Diego, age 28, married Dolores, age 27, in 2018. Their salaries for the year amounted to $80,000 and they had interest income of $1,900. Diego and Dolores' deductions for adjusted gross income amounted to $6,100; their itemized deductions were $10,050, and they have no dependents. Filing Status 2018 Standard Deduction Single $ 12,000 Married, filing jointly 24,000 Married, filing separately 12,000 Head of household 18,000 Qualifying widow(er) 24,000 What is the amount of their adjusted gross income? In order to minimize taxable income, Diego and Dolores will take the standard deductionin the amount of $. What is the amount of their taxable income? $ What is their tax liability for 2018? $10. Use the marginal tax rates in the table below to compute the tax owed in the following situation. Winona and Jim are married filing jointly, with a taxable income of $269,000. They are entitled to an $8000 tax credit. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 $4050 The tax owed is $ (Type an integer or a decimal.)
- For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find the overall tax rate on the gross income, including both FICA and income tax. Assume that the individual is single and takes the standard deduction. A man earned $30,000 from wages. Tax Rate 10% Single up to $9325 15% up to $37,950 25% up to $91,900 28% up to $191,650 33% up to $416,700 35% up to $418,400 39.6% above $418,400 Standard deduction Exemption (per person) $6350 $4050 Let FICA tax rates be 7.65% on the first $127,200 of income from wages, and 1.45% on any income from wages in excess of $127,200. His FICA tax is $ (Round up to the nearest dollar.)Use the following federal tax table for biweekly earnings of a single person to help answer the question below. Emeril has gross biweekly earnings of $784.21. By claiming 1 more withholding allowance, Emeril would have $13 more in his take home pay. How many withholding allowances does Emeril currently claim? a. 3 b. 4 c. 5 d. 6What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax? $1,314.59 $1,547.24 $1,781.33 $2,886.75
