Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University and Angel isworking on her graduate degree. The couple paid qualified expenses of $4,010 for Kai (who is a half-time student) and $8,020 forAngel.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 asemester (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 bWhat education tax credits are available if Ariana and John report modified AGI of $173,920? (Do not round intermediatecalculations. Round your final answers to the nearest whole dollar amount.)Type of CreditDependentKaiAngelTotalAmount ofCredit$0< Required aRequired b > Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a freshman at State University and Angel isworking on her graduate degree. The couple paid qualified expenses of $4,010 for Kai (who is a half-time student) and $8,020 forAngel.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 asemester (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 bWhat education tax credits are available if Ariana and John report modified AGI of $173,920 and Angel is taking one class asemester (is less than a half-time student) and not taking classes in a degree program? (Do not round intermediatecalculations. Round your final answers to the nearest whole dollar amount.)DependentKaiAngelTotalAmount ofCredit$0Type of Credit< Required aRequired b >

To determine the education tax credits available to Ariana and John with two dependent children in…

Answered: Ariana and John, who file a joint…

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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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.
! Required information [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 18, at year- end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8. b. His AGI is $420,000. Amount of child tax credit
Determine the amount of the child tax credit in each of the following cases: Answer is complete but not entirely correct. Child Tax Credit Allowed a. A single parent with modified AGI of $214,700 and one child age 4. $ 1,250 b. A single parent with modified AGI of $79,300 and three children ages 7, 9, and 12. $ 6,000 × c. A married couple, filing jointly, with modified AGI of $409,233 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,355 and one child, age 13. $ 3,538 $ 2,000
Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $39,790, and Petra has W-2 income of $46,227. Use the appropriate Tax Tables and Tax Rate Schedules. Required: a. What is their tax liability using the Tax Tables? b. What is their tax liability using the Tax Rate Schedule? Note: Round your intermediate computations and final answer to 2 decimal places. a. Tax liability using Tax Tables b. Tax liability using Tax Rate Schedule
Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
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.
Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 52,750 33,000 1,700 Addison's self-employment tax was $4,663. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8,870 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable Income Income Tax $ $ $ Amount 85,118 52,618 X 5,903 X
Prepare a 1040 form for John and Jane Doe. They have one child age 4 who qualifies for the child tax credit. John has w-2 Income 44,500.00 and Jane has W-2 income of 46,300.00. They have interst income of 875.00. They have charitable contributions of 3,000.00. Mortgage interest of 4200.00. Jane had federal income tax of 6,350.00 withheld from her check and John had 6175.00 withheld for federal income tax.
Determine the amount of the child tax credit in each of the following cases: Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,200 and one child age 4. b. A single parent with modified AGI of $78,800 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $408.733 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $132,855 and one child, age 13. Child Tax Credit Allowed $ $ $ 19 $ 1,900 x 9,000 x 6,000 x 3,000
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?
a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost Refer to the information provided and compute the child and dependent care tax credit. Child and dependent Qualifying expenses eligible Applicable percentage care tax credit Requirement = Print % = For each of the independent situations, determine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2022.) Done X Independent Situations a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost of $8,000. b. Assume the same facts as in Part a, except that Bruno and Bridget employ Bridget's mother, who is not their dependent, as the…
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 credit

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