Multiple Choice 1-14Who Must File (LO 1.4)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 2023O a. $12,550O b. $12,950Oc. $12,400O d. $4,300Oe. None of these choices are correct.

To determine if Ben is required to file a tax return for the year 2022, we need to consider his…

Answered: Ben is a single taxpayer with no…

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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Keith has a 2020 tax liability of $2,250 before taking into account his American Opportunity tax credit. He paid $2,600 in qualifying expenses, was a full-time student, was not claimed as a dependent on his parents' return, and his American Opportunity tax credit was not subject to phase-out. What is the amount of his American Opportunity tax credit allowed? a.$2,600 b.$0 c.$2,150 d.$2,250 e.$4,000
Aa.40.
kai.9 Keith has a 2022 tax liability of $2,680 before taking into account his American Opportunity credit. He paid $2,820 in qualifying expenses, was a full-time student seeking a BA, was not claimed as a dependent on his parents' return, and his American Opportunity credit was not subject to phase out. What is the amount of his American Opportunity credit?
Mr. John DeMello has 2021 net income for tax purposes of $26,100. His spouse is dependent on him because of a physical infirmity. The infirmity is not sufficient to qualify for the disability tax credit. She has 2021 net income for tax purposes of $5800. Mr. DeMello has no tax credits other than the Basic Personal credits for his spouse and himself. Determine Mr. DeMello’s federal tax credits for 2021. (BPA - $14398, Canada Infirm amount - $2295, Canada care giver- $7348, disability amount-$8662)
Q.7. In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $116,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $_____ Tax liability (round to the nearest dollar): $____
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
In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if so, the total amount of the child tax credit and other dependent credit for 2021 (assuming no advance payments or limitations apply). If an amount is zero, enter "0". Dependent? Amount of credit (Yes/No) a. Donna, a 20-year-old single taxpayer, supports her mother, who lives in her own Yes home. Her mother has income of $1,350. b. William, age 43, and Mary, age 45, are married and support William's 19-year-old sister, who is not a student. The sister's income from a part-time job is $4,300. No c. Devi was divorced in 2019 and receives child support of $250 per month from her ex- Yes husband for the support of their 8-year-old son, John, who lives with her. Devi is 45 and provides more than half of her son's support. d. Wendell, an 89-year-old single taxpayer, supports his son, who is 67 years old, lives Yes with him and earns no income. e. Wilma, age 65, and Morris, age 66, are married.…
None
Liam has a gross income of $120,000 and takes the standard deduction. 1) What are his total taxes due? 2) What is his marginal tax rate? 3) What is his effective tax rate? Round to the neared hundredth of a percent.
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.
Subject: accounting
Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources: $39,000 in wages. Alimony payments totaling $14,328. Her divorce was finalized in October 2019. Unemployment compensation of $6,200. Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.She had no other income or adjustments, and she will claim the standard deduction.To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.Part I Additional Income1 Taxable refunds, credits, or offsets of state and local income taxes. ________2a Alimony received. _________2b Date of original divorce or separation agreement (see instructions). _________3 Business income or (loss). Attach Schedule C. _________4 Other gains or (losses). Attach Form 4797. ________5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.…

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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 2023 O a. $12,550 O b. $12,950 Oc. $12,400 O d. $4,300 O e. None of these choices are correct.