a. Bristol, who is single, has AMTI of $737,200. Her AMT exemption is $ b. Marley and Naila are married and file a joint tax return. Their AMTI is $ 1,226,400. Their AMT exemption is $
Q: Marcus a single taxpayer has taxable income of $60,000. Using the US 2020 tax rate schedule. How…
A: Taxable Income: Taxable income is the amount of a person's gross income that the government deems…
Q: what amount of child tax credit can they claim?
A: Given information:Presley and Jake are married filing joint taxpayers They have twin sons, ages…
Q: Use the marginal tax rates in the table below to compute the tax owed in the following situation.…
A: Marginal tax rate is the tax rate which is applicable and changed as per each additional changed…
Q: Coby has $61,000 of salary and $11,300 of itemized deductions. Chelsea has $87,000 of salary and…
A: Itemized Deductions : As the name suggests, it is the deduction of some item expenses incurred…
Q: Walt and Deloris, who file a joint return, have two dependent children, Bill and Tiffany. Bill is a…
A: The Hope Credit is a tax credit of up to $1,950 per student per year. The credit is only applicable…
Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: The personal exemption for the tax year 2020 is $0 So, the taxable income for 2020 = $181,200 -…
Q: Adela and James are married and file tax returns jointly. Last year Adela earned $45,500 and James…
A: Please note that taxable income has been calculated based on the deductions available in 2023.
Q: Gabriella and Steve have adjusted gross income of $96,600 and $82,300 respectively. Calculate their…
A: Tax is the amount that is charged by the tax authority from the individual and companies on their…
Q: ADDITIONAL Medicare Tax
A: Additional medicare tax is a tax charged from those who have high income. Additional medicare tax…
Q: 23. Adela and James are married and file tax returns jointly. Last year Adela earned $43,500 and…
A: The financial year is assumed 2021. The standard deduction for married filing…
Q: Andrew and Ella are married and file a joint tax return claiming their three children, ages 4, 7,…
A: The Kid Tax Credit went boosted from $2,000 per qualified child to $3,600 for children aged 5 and…
Q: Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $75,000 of business…
A: a.) $30,600b.) $25,050Explanation:To solve these problems, we need to calculate the taxes owed by…
Q: duela dent is single and had $189,000 in taxable income. Using the rates from table 2.3 in the…
A: given that, duela dent is a single filer and her taxable income = $189000 the federal standard…
Q: Layla is married with 3 children and files taxes jointly with her husband. Their adjusted gross…
A: The income tax which a person owes to the government is based upon the taxable income of the person…
Q: lan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: Marginal tax is tax on the additional income earned above the base income and is tax rate of extra…
Q: Cameron is single and has taxable income of $53,342. Determine his tax liability using the tax…
A: Particulars Amount$ Taxable Income 53,342 Upto $9,950 at 10% 995 $9,951-$40,525…
Q: Ariana and John who file a joint return have to dependent children, Kai and Angel. Kai is a freshman…
A: The Lifetime Learning Credit (LLC) is a tax credit score used to offset the price of lessons and…
Q: Charles and Ann are married, file a joint tax return, and report AGI of $135,300. They have two…
A: Child tax credit is the credit amount received to the individuals who have dependent children and…
Q: Ross is single with an adjusted gross income of $63,100, and he uses the standard deduction for…
A: To calculate Ross's tax liability, we first need to find his taxable income by subtracting the…
Q: Jamie has taxable income of $142,180. She is single and her tax rates are 10% on the first $7,000 of…
A: Lets understand the basics.Tax liability refers to the amount that is charged at some specified…
Q: J and K are a married couple filing jointly, with two children age 14 and 18. They have adjusted…
A: Answer: The child tax credit = c. $1,100The child tax credit is a refundable tax credit. For 2018…
Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: At first we need to compute the taxable income of Alana and Sara to determine their marginal tax…
Q: Calculate their total tax as well as the child tax credit that they can claim for the 20202020
A: The Child Tax Credit is a tax benefit offered to eligible parents or guardians to help alleviate the…
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: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: The objective of this question is to calculate the average tax rate for Alan and Sara Winthrop based…
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: Ross is single with an adjusted gross income of $68,100, and he uses the standard deduction for…
A: Income tax: It implies to a financial levy or charge that is imposed on the income of taxpayer by…
Q: Your uncle has a taxable income of $85,142 last year. If he files as a head of household, what is…
A: As per 2021 tax rates Tax liability if status is head of household = $ 6220 + (85142-54201)*22% = $…
Q: sadora and Virginia are married with 4 children. They are filing taxes jointly. They have a gross…
A: Taxable Income:Taxable income refers to the income that is obtained after deducting all the…
Q: Ross is single with an adjusted gross income of $69,100, and he uses the standard deduction for…
A:
Q: Chandler and Cassidy are married and file a joint return. Chandler is age 66, and Cassidy is age 68.…
A: Answer:- Taxable incomes meaning:- Taxable incomes are those income on which government of a…
Q: Matteo (unmarried) files his tax return using head of household filing status. His taxable income is…
A: The Tax rate Schedule for Head of Household will be as per below Tax rate Taxable income bracket…
Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…
A: It is subject to phase outs when Married filing Jointly Adjusted Gross Income > $ 400,000 /- by…
Q: Jessica is single and has a 2021 taxable income of $203,300. She also received $15,000 of tax-exempt…
A: Marginal tax rate: It implies to the rate at which the tax is being paid by the taxpayer on his…
Q: Xavier and his wife Maria have total W-2 income of $95,392. They will file their tax return as…
A: The actual tax liability is determined according to the income tax return. The income taxes withheld…
Q: In the current year, Shrek and Princess Fiona are married and file a joint tax return claiming their…
A: Child tax credit 2023 (taxes filed in 2024)For 2023, the child tax credit is worth $2,000 per…
Q: Matt has a taxable income of $19,000. What is his best tax filing status? A) Single B) Head of…
A: The assessment of taxable income includes identification of type of taxpayer and its business. In…
Q: Paola and Isidora are married; file a joint tax return; report modified AGI of $136,025; and have…
A: To determine the amount of the American Opportunity Credit for 2023, we need to consider the…
Q: Carl and Karina file a joint return. Karina earned a salary of $39,000 and received dividends of…
A:
Q: Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,840, and…
A: Their taxable income is $63,382 ($38,840+$49,642-$25,100). Remember that you need to subtract the…
Q: Paul and Olivia file a joint tax return and reported modified AGI of $142,000. They have two…
A: Child care tax credit is the amount of tax credit that is refundable in nature and this amount can…
Q: Jamie has taxable income of $103,890. She is single and her tax rates are 10% on the first $7,000 of…
A: Average Tax rate:-It is the total tax liability divided by the total taxable income of the…
Q: Barbie and Jose are married and claim 2 exemptions. Last year Barbie earned $32,400 and Jose earned…
A: Taxable Income The calculation of taxable in the federal taxation to sum up all the revenues and…
Q: Jamie has taxable income of $127,644. She is single and her tax rates are 10% on the first $7,000 of…
A: Tax liability refers to the amount that is charged at some specified percentage by the locals. the…
Q: Paola and Isidora are married; file a joint tax return; report modified AGI of $136,025; and have…
A: To claim the American Opportunity credit, the student must be pursuing a degree or other recognized…
Step by step
Solved in 2 steps
- David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $1,900 and also have a child tax credit of $2,000. What is the amount of their tax refund or taxes due?Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University and Angel is working on her graduate degree. The couple paid qualified expenses of $4,010 for Kai (who is a half-time student) and $8,020 for Angel. Required: a. What education tax credits are available if Ariana and John report modified AGI of $173,920? b. What education tax credits are available if Ariana and John report modified AGI of $173,920 and Angel is taking one class a semester (is less than a half-time student) and not taking classes in a degree program? Complete this question by entering your answer in the tabs below. Required a Required b What education tax credits are available if Ariana and John report modified AGI of $173,920? (Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount.) Type of Credit Dependent Kai Angel Total Amount of Credit $ 0Jamie has taxable income of $107,812. She is single and her tax rates are 10% on the first $7,000 of taxable income, 15% of the amount over $7,000 up to $28,400 of taxable income, 25% of the amount over $28,400 up to $80,000, and 35% over $80,000. What is Jamie's average tax rate? (keep 4 decimal places)
- Katie has taxable income of $45,000. She is single and her tax rates are 10% on the first $7,000 of taxable income, 15% of the amount over $7,000 up to $28,400 of taxable income and 25% on the remainder. What is Katie's tax liability?Xavier and his wife Maria have total W-2 income of $95,102. They will file their tax return as married filing jointly. They had a total of $7,910 withheld from their paychecks for federal income tax. Using the 22% from the tax table, Indicate whether the amount is a refund or additional tax.Taxpayers are allowed two tax breaks for adoption expenses. They are allowed: Qualified Expenses Paid personally Paid by employer a. Exclusion Exclusion Exclusion Credit Oc. Credit Exclusion Od. Credit Credit
- 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?Jim and Mary Jean are married and have two dependent children under the age of 13. Both parents are gainfully employed and earn salaries in 2021 as follows: $130,000 (Jim) and $5,200 (Mary Jean). To care for their children while they work, Jim and Mary Jean pay Eleanor (Jim’s mother) $5,600. Eleanor does not qualify as a dependent of Jim and Mary Jean. Jim and Mary Jean file a joint Federal income tax return. Compute their credit for child and dependent care expenses.DJ and Gwen paid $3,880 in qualifying expenses for their son, Nikko, who is a freshman attending the University of Colorado. DJ and Gwen have AGI of $170,000 and file a joint return. What is their allowable American opportunity tax credit? Multiple Choice O $2,470 O $1.235 O $3,880 $0.
- 1.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 $4,500. Click here to access the income tax rate schedules. If Stan’s parents elected to report Stan’s income on his parents’ return, what would the tax on Stan’s income be?$Jacob is a member of WCC (an LLC taxed as a partnership). Jacob was allocated $150,000 of business income from WCC for the year. Jacob’s marginal income tax rate is 37 percent. The business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional Medicare tax. (Round your intermediate calculations to the nearest whole dollar amount.) a. What is the amount of tax Jacob will owe on the income allocation if the income is not qualified business income? b. What is the amount of tax Jacob will owe on the income allocation if the income is qualified business income (QBI) and Jacob qualifies for the full QBI deduction?
