Avery, an unmarried taxpayer, had the following income items:$ 43,6003,500SalaryNet income from a rental houseAvery has a 4-year-old child who attends a child care center. Assume the taxable year is 2023. Use Individual Tax Rate Schedules andStandard Deduction Table.Required:Compute Avery's child tax credit and dependent care credit.a. Assume Avery paid $1,340 to the child care facility.b. Assume Avery paid $4,830 to the child care facility.Complete this question by entering your answers in the tabs below.Required A Required BCompute Avery's child tax credit and dependent care credit. Assume Avery paid $1,340 to the child care facility.Note: Round your intermediate computations and final answers to the nearest whole dollar amount.AmountChild CreditDependent Credit$$2,000600

The objective of this question is to calculate Avery's child tax credit and dependent care credit…

Answered: Avery, an unmarried taxpayer, had the…

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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Mario, a single taxpayer with two dependent children, has the following items of income and expense during 2020: Gross receipts from business $144,000 Business expenses 180,000 Net capital gain 22,000 Interest income 3,000 Itemized deductions (state taxes, residence interest, and contributions) 24,000 a. Determine Mario's taxable income or loss for 2020. Adjusted gross income Less: itemized deductions Less: Deduction for qualified business income Loss b. Indicate which items are adjustments to taxable income or loss when computing an NOL. Business receipts Business Expenses Net capital gain Interest income Itemized deductions c. Determine Mario's NOL for 2020. Mario's NOL is ?
Hardev
Find the gross income, the adjusted gross income, and the taxable income. Base the taxable income on the greater of a standard deduction or an temized deduction A taxpayer earned wages of $94,600, received $560 in interest from a savings account, and contributed $10,800 to a tax-deferred retirement plan She is entitled to a standard deduction of $18,800. The interest on her home mortgage was $6800, she contributed $9640 to charity, and she paid $2825 in state taxes Her gross income is $ (Simplify your answer)
Compute the amount of salaries tax payable (excluding provisional tax and tax reduction) by the taxpayer with the following data, if Mr. and Mrs. Ho elect joint assessments Assessment Year: 2020/21 Age: Mr. Ho: 44; Mrs. Ho: 40 Occupation: Mr. Ho: Certified Accountant & Mrs. Ho: Part-time Secretary Marital status: Married Child: Aged 10 Mr. Ho’s Parents: Aged 78 and 74 (both parents live with the taxpayer) Monthly salary: Mr. Ho: $72,000 & Mrs. Ho: $12,000 Donation: $50,000 cash MPF contributions: 5% mandatory Qualifying Annuity: Mr. Ho: $3,000 per month Home property: Current value at $8,500,000, purchased 5 years ago. Mortgage repayments: $17,325.00 per month. Mortgage interest: $100,378 paid during the assessment year.
Louis files as a single taxpayer. In April of this year he received a $980 refund of state income taxes that he paid last year. How much of the refund, if any, must Louis include in gross income under the following independent scenarios? Assume the standard deduction last year was $12,400. (Leave no answer blank. Enter zero if applicable.) Problem 5-51 Part-b (Algo) b. Last year Louis had itemized deductions of $9,810 and he chose to claim the standard deduction. Louis’s itemized deductions included state income taxes paid of $2,335 and no other state or local taxes. Refund to be included in gross income- _______
A surviving spouse with one dependent child has a gross income of 68,170 per year. If 3,000 is withheld from the taxpayers wages for federal income taxes, what is the amount of the taxpayers refund or tax due?
Mr. Coleman, an unmarried individual, has the following income items: Interest income Schedule C net profit $23,200 61,640 He has $10,300 itemized deductions and no dependents. Mr. Coleman's Schedule C income is qualified business income (non service). Required: Compute Mr. Coleman's income tax. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Table. (Round your intermediate calculations and final answers to the nearest whole dollar amount.) AGI Taxable Income Income tax Amount
Boyd Salzer, an unmarried individual, has $246,400 AGI consisting of the following items: Salary Interest income $ 214,000 3,800 Dividend income 11,100 Rental income from real property 17,500 1. Compute Mr. Salzer's Medicare contribution tax. 2. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.
Married taxpayer Otto and Ruth are both self-employed and file a joint return. Otto earns $352,000 of self-employed income and Ruth has a self-employment loss of $13,500. How much 0.9% Medicare tax for high income taxpayers will Otto and Ruth have to pay with their 2019 income tax return?
Kk.214.
Nelta is a single taxpayer who qualifies for the earned income credit. She has two qualifying children who are three and five years old. During 2020, Nelta’s wages are $19,500 and receives dividend income of $800. Use the EIC table in Appendix B to determine Nelta’s earned income 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

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