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Basic Scenario 3: Sebastian and Ashley Miller Interview Notes • Sebastian and Ashley Miller are married and always file Married Filing Jointly. • Sebastian earned $32,000 in wages and Tina earned $24,000 in wages. • The Millers paid all the cost of keeping up a home and provided all the support for their tw children, Laura and Timothy, who lived with them all year. • Laura is 14 years old and Timothy turned 17 in November 2022

Basic Scenario 3: Sebastian and Ashley Miller Interview Notes • Sebastian and Ashley Miller are married and always file Married Filing Jointly. • Sebastian earned $32,000 in wages and Tina earned $24,000 in wages. • The Millers paid all the cost of keeping up a home and provided all the support for their tw children, Laura and Timothy, who lived with them all year. • Laura is 14 years old and Timothy turned 17 in November 2022

FINANCIAL ACCOUNTING
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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Basic Scenario 3: Sebastian and Ashley Miller Interview Notes • Sebastian and Ashley Miller are married and always file Married Filing Jointly. ● • Sebastian earned $32,000 in wages and Tina earned $24,000 in wages. • The Millers paid all the cost of keeping up a home and provided all the support for their two children, Laura and Timothy, who lived with them all year. • Laura is 14 years old and Timothy turned 17 in November 2022. • Sebastian and Tina did not have enough deductions to itemize, but contributed $1,500 in 2022 to their church, a qualified charitable organization. • Sebastian, Ashley, Laura, and Timothy are all U.S. citizens with valid Social Security numbers and lived in the U.S. the entire year. Basic Scenario 3: Retest Questions 5. The Millers do not qualify for the Child Tax Credit (CTC). a. True b. False 6. What amount can Sebastian and Ashley deduct as a charitable contribution? a. $0 b. $600 c. $1,200 d. $1,500
Transcribed Image Text:Basic Scenario 3: Sebastian and Ashley Miller Interview Notes • Sebastian and Ashley Miller are married and always file Married Filing Jointly. ● • Sebastian earned $32,000 in wages and Tina earned $24,000 in wages. • The Millers paid all the cost of keeping up a home and provided all the support for their two children, Laura and Timothy, who lived with them all year. • Laura is 14 years old and Timothy turned 17 in November 2022. • Sebastian and Tina did not have enough deductions to itemize, but contributed $1,500 in 2022 to their church, a qualified charitable organization. • Sebastian, Ashley, Laura, and Timothy are all U.S. citizens with valid Social Security numbers and lived in the U.S. the entire year. Basic Scenario 3: Retest Questions 5. The Millers do not qualify for the Child Tax Credit (CTC). a. True b. False 6. What amount can Sebastian and Ashley deduct as a charitable contribution? a. $0 b. $600 c. $1,200 d. $1,500
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