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

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

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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Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan’s income is $41,214 and Stan’s is $12,000 and both are self-employed. They also have $500 in interest income from tax-exempt bonds. The Collins enrolled in health insurance for all of 2019 through their state exchange but did not elect to have the credit paid in advance. The 2019 Form 1095-A that the Collins received from the exchange lists the following information:Annual premiums $9,800Annual premium for the designated silver plan in the state $10,800 Compute the Collins’ premium tax credit for 2019.
In 2022, Elaine paid $2,320 of tuition and $1,300 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. Required: Elaine's AGI is $95,500. Elaine's AGI is $178,000. Note: Round your intermediate calculations to the nearest whole dollar amount. Elaine's AGI is $223,000.
Compute the taxable income for 2020 in each of the following independent situations: Drew and Meg, ages 40 and 41, respectively, are married and file a joint return. In addition to four dependent children, they have AGI of $125,000 and itemized deductions of $27,000. Sybil, age 40, is single and supports her dependent parents who live with her, as well as her grandfather who is in a nursing home. She has AGI of $80,000 and itemized deductions of $8,000. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650. Dale, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies as Dale’s dependent. Dale has AGI of $64,000 and itemized deductions of $9,900.
Taylor and Kevin are married and file a joint return. Taylor and Kevin have two young children (ages 3 and 5) that live with them full time. Assume these children meet the criteria for the child tax credit and that Taylor and Kevin are eligible to claim it. Recall that the 2023 standard deduction amount for married filing jointly is $27,700. Also assume that their employers withheld $8,000 of federal income tax from their paychecks. Assuming that Taylor and Kevin's taxable income is $100,000, and considering the facts above, please compute how much tax is due with the couple's return. For your convenience, the married filing jointly (MFJ) schedule is shown below. If TI is over: But not over: The tax is: $0 $22,000 $89,450 $190,750 $364,200 $22,000 $693,750 $89,450 $190,750 $364,200 $462,500 $462,500 $693,750 No limit = 10% of taxable income. = $2,200 + 12% of amount over $22,000 = $10,294 + 22% of amount over $89,450 = $32,580 + 24% of amount over $190,750 = $74,208 + 32% of amount…
Carl and Karina file a joint return. Karina earned a salary of $40,250 and received dividends of $3,180, taxable interest income of $2,090, and nontaxable interest of $1,045. Carl received $9,360 of social security benefits and a gift of $6,090 from his brother. What amount of social security benefits is taxable to Carl and Karina? Taxable social security benefits = $
Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest income this year. What amount of the benefits must Grady include in his gross income under the following five independent situations? Grady files married separate and reports salary of $23,540 and interest income of $740
Allie and Buddy are married, file a joint return, and have one son, Zack, age 5. Buddy has earned income of $48,000, and Allie was a full-time student for nine months (with no income). They paid a qualified child care center $3,450. How much is Allie and Buddy's child and dependent care credit for the year? (tax year 2021) Use Child and Dependent Care Credit AGI schedule. Multiple Choice SO. $1,125. $1,725. $3,450.
Paola and Isidora are married; file a joint tax return; report modified AGI of $146,675; and have one dependent child, Dante. The couple paid $13,590 of tuition and $9,930 for room and board for Dante (a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for the year.
Sally and Jim are married and have taxable income in 2019 of $700,000. If they could file their income tax as single individuals, each of them would have taxable income of $350,000. Do they have a marriage penalty when they file their joint return? If so, what is the amount of the penalty?
Conner and Matsuko paid $1,000 and $2,000, in qualifying expenses for their two sons, Jason and Justin, respectively, to attend Idaho State University. Jason is a sophomore and Justin is a freshman. Conner and Matsuko's AGI is $195,000. What is their allowable American opportunity tax credit? Multiple Choice $0. $3,000. $2,000. $3,700.
Suzanna earns $4000 in her summertime job; the rest of the year she attends college fulltime. Suzanna may claim an exemption from FIT withholding if: a.she also has a taxable scholarship (used for housing) = $15,000. b.her unearned income (interest) = $1698. c.her aunt claims her as a dependent and she has no unearned income. d.her unearned income (dividends) = $1800.
George and Wanda received $29,100 of Social Security benefits this year ($11,000 for George, $18.300 for Wanda). They also received $4,800 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. George and Wanda file married joint and receive $8,750 of dividend income from stocks owned by George b. George and Wanda file married separate and receive $8,750 of dividend income from stocks owned by George c. George and Wands file married joint and receive $32.200 of dividend income from stocks owned by George d. George and Wanda file married joint and receive $16,100,of dividend income from stocks owned by George Complete this question by entering your answers in the…