An unmarried taxpayer has earned income of $96,000.The taxpayer's single mother does not live with the taxpayer and has no income,so the taxpayer provides 100% of the mother's support.The taxpayer can file as Head of Household?
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An unmarried taxpayer has earned income of $96,000.The taxpayer's single mother does not live with the taxpayer and has no income,so the taxpayer provides 100% of the mother's support.The taxpayer can file as Head of Household?
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- Carson Holiday has a federal tax levy of $4,119.90 against him. If Holiday is single with three personal exemptions and had a take-home pay of $1,020.00 this week, how much would his employer take from his pay to satisfy part of the tax levy?Amy is a single taxpayer. Her income tax liability in the prior year was $3,803. Amy earns $50,000 of income ratably during the current year and her tax liability is $4,315. In order to avoid penalty, Amy's smallest amount of required annual withholding and estimated payments is: a.$4,747 b.$4,315 c.$3,423 d.$3,884 ( Incorrect) e.$3,803Which of the following would constitute tax evasion? a. Henry salary sacrifices future income for which services have not already been provided into superannuation. b. Emily defers prepayments of income to a later income year. c. Jane does not include $50 of interest from her bank account on her tax return. d. Jia establishes a family trust and distributes income between family members equally.
- Compute the 2018 standard deduction for the following taxpayers. Margie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and $1,400 in wages from a part-time job. 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. 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. Frazier, age 55, is married but is filing a separate return. His wife Emma itemizes her deductions.For each individual, calculate the self-employment tax. Assume that each individual files tax returns under single status. Remember, the additional Medicare Tax threshold that applies to sel-employment income is based on the employee's filing status, but to simplify the process for employers, the IRS requires that Additional Medicare Tax be withheld from all employees who earn more than $200,000 in a single year, regardless of filing status. 1: Allison Wilson earns net self-employment income of $62,700. She does not work a second job.Self-Employment tax = $ 2: Martin Hughes earns net self-employment income of $149,900. He works a second job from which he receives FICA taxable earnings of $129,200.Self-Employment tax = $ 3: Elisa Grant earns net self-employment income of $198,000. She works a second job from which she receives FICA taxable earnings of $100,400.Self-Employment tax = $Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for 2022.a. $12,550b. $12,950c. $12,400d. $4,300e. Note of these choices are correct. Only typed solution
- Barry Kline, age 45, is an unmarried taxpayer. During the current tax year he had received wages of $45,000. Barry also paid his ex-wife alimony from a 2021 divorce of $9,000. Barry has no dependents had itemized deductions of $7,500. Compute the amount of his taxable income. Adjusted Gross Income? Standard Deduction? Taxable Income?According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 1: Carlos OrtizCarlos Ortiz is married and has an administrator position in a private company. Carlos' salary for this taxable year was $50,000. He received an inheritance of $80,000 and $12,000 in interest from a cooperative of which he is a member. Carlos files jointly with his wife, who is disabled and receives $12,000 in social security a year. The couple has a 15-year-old son, who is a student.When filing a tax return for a deceased taxpayer, which of the following individuals must use Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer? Barrett's father died on July 25th. Barrett is his sole survivor. His father did not have a will and the court did not appoint a personal representative for his estate. Barrett's father is entitled to a $1,000 refund. Darla's mother died on February 1st. Darla is her sole survivor. Her mother did not have a will, and the court did not appoint a personal representative for her estate. Darla's mother has a balance of $1,000 due to the IRS. Mr. Smith died on May 4th before filing his tax return. On June 3rd of the same year, Mr. Jones was appointed by the court as the personal representative for Mr. Smith's estate, and he files Form 1040 for Mr. Smith. Mr. Smith is due a refund of $200. Mr. and Mrs. Lee were married when Mr. Lee died on January 4th, before filing their joint tax return. Mrs. Lee files the joint return on…
- a taxpayer’s spouse died on march 31, 2020. he has no qualifying child. which status should the taxpayer elect when filing his 2020 tax return? a. qualifying widow(er). b. married filing jointly. c. single. d. married filing separately.Flynn, a self-employed taxpayer, mows Rapunzel's lawn at the end of year 1. At the beginning of year 2, Rapunzel pays Flynn. If Flynn uses the accrual method of accounting, he will have gross income in which year? Year 1 Year 2rita, a single taxpayer, has net Schedule C income of $150,000 from a specified service trade or business (DDTB). She does not have any other business income. She also has Form W-2 income and her taxable income for the year is $221,000, before the QBI deduction. As rita's tax preparer, what information will you share with her regarding her eligibility to claim the QWBI deduction?
