6,000 of tuition and $3,660 for room and board for Dante Dante, a full-time first-year student at Serene College and claimed as a dependent by Paola and Isadora. Determine the amount of the Shaws' American
Q: JUNII and Sahdy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha.…
A: Introduction A tax payer's net tax payable or refund is calculated by first determining gross tax…
Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…
A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…
Q: 2023, Lisa and Fred, a
A: 1]Taxable income: The portion of gross income that is considered taxable is what is utilized to…
Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…
A: For Joint Filling: You will pay income taxes of up to 50% of social security income for married…
Q: Determine the amount of the standard deduction for each of the following taxpayers for tax year…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Q: L. A. and Paula file as married taxpayers. In August of this year, they received a $6,500 refund of…
A: It is the amount of income, that is not subject to tax and reduces the taxpayer’s tax liability. The…
Q: In 2021, Jasmine and Thomas, a married couple, had taxable income of $101,000. If they were to file…
A: To calculate the benefit or penalty we have to calculate the tax liability jointly and seprately.…
Q: tina, who is single. Adrian and Carol, who are filing a joint return. Their son is blind. Peter and…
A: Standard deduction refers to that section of the income of an entity that is not subject to tax and…
Q: le. 708,200. Her AMT exemption is $ le a joint tax return. Their AMTI is $1,121,600. Their AMT exem
A: Tax refers to the compulsory charge levied by the government over the income gained by an entity.
Q: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2021,…
A: INTRODUCTION: Tax credits are sums of money that taxpayers can deduct directly from their taxes. Tax…
Q: Joanna is single and has 3 dependent children. She earns a gross yearly salary of $66, 154. She will…
A: Income tax refers to the tax that is levied by the government on the income of individuals and…
Q: Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and…
A: Introduction:Filing status seems to be a classification that specifies the sort of tax return form…
Q: In 2023, Lisa and Fred, a married couple, had taxable income of $406,600. If they were to file…
A: 1)Taxable income: The portion of gross income that is considered taxable is what is utilized to…
Q: Lisa is a member of Bigfoot LLC, which runs a retail business in which she is active. For the…
A: AGI is an alteration of gross income. Gross income is the sum of all the money an individual earns…
Q: Their income tax would be $______.
A: Income Tax : Income tax expense refers to the amount of expense that a business pays or recognizes…
Q: Max and Sarah are the parents of twin three-year old boys. Max and Sarah work full- time and file…
A: Expenses incurred in the care of dependent children under age 13 or other qualifying expenses can be…
Q: Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2023,…
A: A refundable tax credit, the Earned Income Tax Credit (EITC) is intended to support working families…
Q: Compute the 2022 AMT exemption for the following taxpayers. If an amount is zero, enter "0". Click…
A: AMT exemptions are a critical component of the AMT system. They represent the amount of income that…
Q: Partner Z (a calendar-year, cash basis taxpayer) performs services for the XYZ partnership (a FYE…
A: Accrual basis taxpayers are those taxpayers which evaluate the income when earned actually or become…
Q: 1.Ian, 37, and Isabella, 36, are married and file a joint tax return. They have one child, Ingrid…
A: Gross profit refers to the amount of money earned by a company or an entity in a desired financial…
Q: Jake is 27 and nicole 26 are married and filing a joint return jake was employed full time during…
A: The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an…
Q: The Kigali's are married and file a joint return. Their AGI (earned income) was $15,410 and federal…
A: The income tax is an important source of income for any government.Income taxes are decided on…
Q: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…
A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…
Q: In 2023, Elaine paid $2,760 of tuition and $1,060 for books for her dependent son to attend State…
A: The AOTC pays for eligible educational costs, such as tuition, fees, and mandatory course materials…
Q: 2. Raymond and Michele file a joint tax return. Raymond earned $83,000 during the year, while…
A: 1) RAYMOND AND MICHELE FILE JOINT TAX RETURN RAYMOND EARNED $83,000 MICHELLE EARNED - $139,000 FOR…
Q: Am.700.
A: 1. Eligibility: The AOTC is available for students who are enrolled at least half-time in a program…
Q: Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a…
A: To determine the education tax credits available to Ariana and John with two dependent children in…
Q: Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income:…
A: The standard deduction allows taxpayers to reduce their taxable income by a predetermined monetary…
Q: Bob and Carol file their tax returns using the married filing jointly status. Their 2021 AGI is…
A: Determination of tax breaks for adoption expense Qualified expenses paid personally Paid by…
Q: Adan and Eva are both under age 65 and bona fide residents of Puerto Rico who file a joint return.…
A: The standard deduction is a fixed dollar amount that individuals or families can subtract from their…
Q: Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest…
A: For married and filing jointly:Will have to pay income taxes up to 50% of social security income for…
Q: KA your dependent can take the American opportunity credit on their personal tax return.
A: The Amercian Opportunity Credit allows taxpaying students or their parents the…
Q: L. A. and Paula file as married taxpayers. In August of this year, they received a $5,200 refund of…
A: a. In this situation L.A. and Paula consider standard deduction only, because standard deduction…
Q: n 2021, Lisa and Fred, a married couple, had taxable income of $305,200. If they were to file…
A: Taxable income: When one individual earns income from a country then he or she has to pay tax as per…
Q: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019,…
A: Premium tax credit refers to the refundable tax credit that is depicted for helping the eligible…
Q: In 2022, Elaine paid $2,320 of tuition and $1,300 for books for her dependent son to attend State…
A: Answer:- American Opportunity Tax Credit:- A tax credit for eligible educational costs related to a…
Q: Bernadette files as head of household and claims her two children, both under age 16. Her 2021 AGI…
A: The term "tax credit score" refers to an amount of cash that taxpayers can subtract at once from the…
Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…
A: These are the benefits available to the qualified retired adults, disabled people, their supposes,…
Q: Hera earned a $175,000 salary in 2021. Her husband, Zeus, earned $100,000 salary in 2021. Hera and…
A: FICA taxes: The Federal Insurance Contribution Taxes are the taxes imposed on employee…
Q: orge and Anita, married taxpayers, earn $150,000 in taxable income and $40,000 in interest from an…
A: The objective of the question is to calculate the marginal tax rate for Jorge and Anita, a married…
Q: Required information (The following information applies to the questions displayed below.) In 2020,…
A: AGI is annual gross income of the individual. From AGI, various type of deductions are taken in…
Q: Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest…
A: Taxable social security benefits lower of 85% of social security benefit or 85% of ( Salary +…
Q: Compute the 2020 standard deduction for the following taxpayers. а. Ellie is 15 and claimed as a…
A: Comment; Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: The Kigali's are married and file a joint return. Their AGI (earned income) was $14,610 and federal…
A: The standard deduction for taxpayers who do not itemize deductions on Form 1040, Schedule A, has…
Q: Compute the 2019 standard deduction for the following taxpayers.a. Ellie is 15 and claimed as a…
A: Tax represents the liability that is paid to the government calculated on the income earned.
Paola and Isadora are married, file a joint tax return, and have one dependent child, Dante. The Shaws report modified AGI of $124,310. The couple paid $6,000 of tuition and $3,660 for room and board for Dante Dante, a full-time first-year student at Serene College and claimed as a dependent by Paola and Isadora.
Determine the amount of the Shaws' American Opportunity credit for 2021.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Jorge and Anita, married taxpayers, earn $155,600 in taxable income and $41,400 in interest from an investment in City of Heflin bonds. Using the U.S. tax rate schedule for married filing jointly, how much federal tax will they owe? What is their average tax rate? What is their effective tax rate? What is their current marginal tax rate? Note: Do not round intermediate calculations. Round your answers to 2 decimal places.Determine the amount of the standard deduction for each of the following taxpayers for tax year 2021: a. Christina, who is single. b. Adrian and Carol, who are filing a joint return. Their son is blind. c. Peter and Elizabeth, who are married and file separate tax returns. Elizabeth will itemize her deductions. d. Karen, who earned $1,100 working a part-time job. She can be claimed as a dependent by her parents. e. Rodolfo, who is over 65 and is single. f. Bernard, who is a nonresident alien with U.S. income. g. Manuel, who is 70, and Esther, who is 63 and blind, will file a joint return. h. Herman, who is 75 and a qualifying widower with a dependent child. a. b. C. d. e. f. g. h. Standard deduction $ $ 12,550 25,100Vinubhai
- Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividends income and $1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $10,000. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $500, and her interest income is $125. d. Frazier, age 55, is married but is filing a separate return. His wife itemizes her deductions. Please use Microsoft Excel using functions and formulas as appropriate.In 2022, Jasmine and Thomas, a married couple, had taxable income of $162,000. If they were to file separate tax returns, Jasmine would have reported taxable income of $152,000 and Thomas would have reported taxable income of $10,000. Use Tax Rate Schedule for reference. What is the couple's marriage penalty or benefit? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar.Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2023, they earn wages of $57,900 and have no other income. Round your intermediate computations and final answer to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table. The earned income credit is $
- Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $85,800. 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 Toby Filing Single $ $ 6,700 Nancy Filing Single $ $ $ 85,800D and J are married and file a joint return. They live in New York. The standard deduction for their filing status is $25,500 They have the following itemized deductions: Medical Bills that exceeded the 7.5% limit $12,000 Mortgage Interest expense $24,500Property tax $11,000 State Sales tax $7000Miscellaneous deductions $10,050 Should they itemize their deductions or use the standard deduction?Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $39,400 before considering their Social Security benefits, no tax-exempt interest, and $13,790 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $15,800 before considering their Social Security benefits, no tax-exempt interest, and $17,380 of Social Security benefits. As a result, $ 8,490 X of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $104,500 before considering their Social Security benefits, no tax-exempt interest, and $15,675 of Social Security benefits. As a result, 96,338 X of the Social Security benefits are taxable.
- Tom and Rachel are married and living together in California. Their income is as follows: Tom's salary $40,000 Rachel's salary 30,000 Dividends (Tom's property) 5,000 Dividends (Rachel's property) 3,000 Interest (community property) 4,000 Total $82,000 Question a)If Rachel files a separate tax return, she should report income of: Question b)If Tom and Rachel lived in Texas, what should Rachel report as income?Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $40,000 before considering their Social Security benefits, no tax-exempt interest, and $14,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $17,600 before considering their Social Security benefits, no tax-exempt interest, and $19,360 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $106,000 before considering their Social Security benefits, no tax-exempt interest, and $15,900 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.Determine the taxable amount of Social Security benefits for…Clarita is a single taxpayer that lives in the U.S. with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the year is $21,000 and she takes the standard deduction. Assume that Clarita’s earned income is $70,000. Determine the net effect of the additional income on her total credits. (2021)