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- In 2019, Brad P., legally separated from wife, Angel, had gross compensation income of 620,000; Angel, on the other hand, had P 810,000. Brad was granted by the court custody of one child while Angel will have custody over five of their six children. Compute for tax due of brad and angel is ______Jamie has taxable income of $45,000. She is single, and her tax rate is 10% on the first $9,525 of the taxable income, 12% on the amount over $9,525 up to $38,700 of the taxable income, and 22% on the remainder. What are Jamie’s tax liability, marginal tax rate, and average tax rate? (Show all work. Round dollar amounts to the nearest cent and percentages to two decimal places.)Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38, 588, and Petra has W-2 income of $46, 227. Use the appropriate Tax Tables and Tax Rate Schedules.
- Ross is single with an adjusted gross income of $61,100, and he uses the standard deduction for single filers. After first finding his taxable income, calculate his tax liability (in $). Standard deduction for single filers is $12,000.riana 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 $3,000 for Kai (who is a half-time student) and $6,400 for Angel. Required: What are the amount and type of education tax credits that Ariana and John can take, assuming they have no modified AGI limitation?Pat and Jordan Beber are married and file a joint return in 2021. They live at 12345 Hemenway Avenue, Marlborough, MA 01752. Pat is a self-employed tax preparer whose SSN is 412-34-5670. Jordan is a software programmer whose SSN is 412-34-5671. Jordan had the following income and expenses for the year: Jordan's W-2: Gross wages Social security tax Medicare tax Federal withholding tax State withholding tax $ 100,776 6,248 1,461 18,735 4,800 Pat was the sole proprietor of NAMA Tax Service. The business is located at 123 Main Street, Marlborough, MA 01752, and the business code is 541213. Pat had the following revenue and expenses (Cash basis): Revenue Expenses: Advertising Insurance $ 80,000 1,200 3,200 2,400 18,000 Telephone Office rent Utilities Office supplies Depreciation 4,800 5,000 6,041 (must be allocated to She S 1231 assets listed next) Pat had the following business assets: Office furniture: Purchased for $4,950 on May 20, 2019. The equipment is being depreciated over…
- parts a. and b. are 2 parts of the same question and should not be separated. TIA!. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $39,600, no tax-exer 13,860 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. Assume Erwin and Eleanor have adjusted gross income of $18,400, no tax-exempt interest, and $20,240 of Social result, $ of the Social Security benefits are taxable. Assume Erwin and Eleanor have adjusted gross income of $103,000, no tax-exempt interest, and $15,450 of Socia result, $ of the Social Security benefits are taxable.Olga is married and files a joint tax return with her husband.What amount of AMT exemption may she deduct under each of the following alternative circumstances? a. Her AMTI is $391,500. b. Her AMTI is $1,080,600. c. Her AMTI is $1,601,500.
- Hongtao is single and has a gross income of $92,700. His allowable deductions for adjusted gross income are $4,200, and his itemized deductions are $18,350. The standard deduction for 2020 is $12,400. Round all final amounts to the nearest dollar. Refer to the Tax Rate Schedules to answer the following questions. c. Assume the same facts as in part a and part b, except that Hongtao is married. His wife's salary is $25,000, and she has $1,300 withheld from her paycheck. They file jointly. The standard deduction for 2020 is $24,800. Their taxable income is $__________ Their tax liability is $____________ They will receive a refund of $_________Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his daughters under each of the following alternative situations? Use Exhibit 8-8. b. His AGI is $420,200. Amount of child tax creditBob and Carol file their tax returns using the married filing jointly status. Their AGI is $132,500. They have two children, ages 11 and 7. How much child tax credit can Bob and Carol claim for their two children?
