4. Alvin has lived with his girlfriend, Angel, & her child in his home since July 2022. Angel hadearned income of $5,000 and is not required to file a tax return. Alvin provides more thanhalf of their support for the entire time. What is Alvin's filing status? Who can Alvin claim onhis tax return as dependents, if any?

A tax return is a form filed with a tax authority, usually the government, that reports income,…

Answered: 4. Alvin has lived with his girlfriend,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. Sergio is single and has a 12 year old daughter whom he supports and lives with him all year round. Sergio's salary is $135,000. His tax withholding is $19,750. His itemized deductions total $16,750. What is Sergio's tax refund or liability (how much does he owe to the IRS)? (explain answer) A. Owe $902 in tax. B. Owe $2,042 in tax C. Have a refund of $1,070 D. Have a refund of $2,042. 2. Nont's Piano Lessons Inc. is a calendar-year taxpayer using the accrual method of accounting. On October 1, 2020, the corporation received $1,200 for a one-year contract beginning on that date to provide 24 piano lessons. The company provided 6 lessons this year under the contract. How much income should the corporation recognize for next year (2021) if the remaining lessons are provided? (explain answer) A) $200 B) $360 C) $900 D) $1,200
Your uncle has a taxable income of $96,412 last year. If he files as a head of household, what is his tax liability? What would be your uncle's tax liability if he were to file his taxes as married filing jointly?
In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $550,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Leave no answer blank. Enter zero if applicable. c. She received $8,400 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student> Tax liability
Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. Click here to access the income tax rate schedules. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?$
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5 people are possible dependents for Gerald’s tax return, but only 3 qualify. Who are those 3?
Mary(58) comes into your office to have her tax return prepared. She states that she wants to use the head of household filing status and claim the Earned Income Tax Credit (EITC). She also tells you that her dependent child is her granddaughter, Julie (12), who currently lives with her. You as a paid tax preparer, all of the following are appropriate questions to ask or actions to take EXCEPT: 1). Ask Mary how long Julie has lived with her and inquire into the whereabouts of Julie's parents. 2). Ask Mary who paid most of the expenses of maintaining her home. 3). Inform Mary that she must show you documentation proving Julie lived with her before you can prepare the return. 4) Inquire as to whether anyone else can possibly claim Julie as a dependent.
Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan’s income on Brian and Kim’s return. Click here to access the income tax rate schedules and the trust and estate tax rate schedules. a. For purposes of the tax on a child’s unearned income, calculate Stan’s taxable income.$ b. Calculate Stan’s net unearned income.$ c. Calculate Stan’s earned taxable income.$ d. Calculate Stan's tax for 2018. $
The following information applies to Emily for 2023. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received (divorce occurred in 2014) Contribution to traditional IRA Gift from parents Short-term capital gain from stock investment Amount lost in football office pool (gambling loss) Age Emily has no gambling winnings this year. Click here to access the Components of the tax formula to use. Indicate whether the following items are taxable or nontaxable to Emily. Salary Gift from parents Alimony payments received Short-term capital gain from stock investment Interest income from bonds issued by Xerox Taxable Not taxable Taxable Taxable Taxable Identify whether the items are deductible (fully or partially) by Emily. Amount lost in football office pool Not deductible Contribution to a traditional IRA Emily's taxable income in 2023 is $ Deductible $85,000 1,100 6,000 6,500 25,000 2,500 500 40
In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $550,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Leave no answer blank. Enter zero if applicable. Required: a. She received $7,100 from a part-time job. This was her only source of income. She is 16 years old at year-end. b. She received $7,100 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 16 years old at year-end. c. She received $7,100 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student. d. She received $7,100 of qualified dividend income. This is her only source of income. She is 16…
A8
Keith has a 2020 tax liability of $2,250 before taking into account his American Opportunity tax credit. He paid $2,600 in qualifying expenses, was a full-time student, was not claimed as a dependent on his parents' return, and his American Opportunity tax credit was not subject to phase-out. What is the amount of his American Opportunity tax credit allowed? a.$2,600 b.$0 c.$2,150 d.$2,250 e.$4,000

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