Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother age 67 What is the maximum amount of the child tx credit that is refundable to benjamin in 2021?

Q: Marcus a single taxpayer has taxable income of $60,000.  Using the US 2020 tax rate schedule.  How…

A: Taxable Income: Taxable income is the amount of a person's gross income that the government deems…

Q: Taxpayer, who is unmarried and whose filing status is Head of Household, has two dependent children…

A: A child tax credit is the credit which is made by the tax authorities availability to the taxpayers…

Q: JUNII and Sahdy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha.…

A: Introduction A tax payer's net tax payable or refund is calculated by first determining gross tax…

Q: ng Dependents (LO 1.6) of the following situations, determine whether the taxpayer(s) has/have a…

A: As Per question  we have need to solve only c part of Question

Q: Are the following required to file a federal income tax return? Married couple plans to file…

A: Your tax filing requirements usually depend on three things:Your filing statusYour gross incomeYour…

Q: Mary is age 33 and a single taxpayer with adjusted gross income for 2020 of $29,400. Mary maintains…

A: Taxable income:-These is that income that is liable for tax payment after providing deductions as…

Q: Naomi uses the filing status of Single for 2021. Her taxable income is $612.353, which includes…

A: Question 1 For 2021 When single tax payers  As total taxalable income is  Then qualified dividend…

Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…

A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…

Q: Requirement What is David​'s AMT liability for 2019​?   Begin by computing David​'s alternative…

A: Solution-                                                Calculation of David Amt Liability for 2019…

Q: Are the following required to file a federal income tax return? Married couple plans to file…

A: Tax filing requirements usually depend on three things.Individual filing statusIndividual gross…

Q: Brandon, an unmarried individual, has $195,500 taxable income. Assume the taxable year is 2023. Use…

A: The amount of extra tax paid for every extra dollar of income received is known as the marginal tax…

Q: Alex gross income is $104,000. He contributes $7,000 per year to a 401k plan. He takes the standard…

A: It is being considered that every individual who are working on a salary basis or using his own…

Q: Are the following required to file a federal income tax return? MFJ, husband aged 66, wife aged60,…

A: Filing a federal income tax return depends on the following factors:I) Filing statusII) Gross…

Q: Adriana is a MFJ taxpayer, and in 2021, she reported $ 365,000 of taxable income, including a…

A: The basic income over which tax is charged is referred to as taxable income. It contains some or all…

Q: Bill receives social security benefits of $10,000 and files a married-jont return which includes…

A: Individuals having a total gross income, including Social Security, of at least $25,000, or married…

Q: Christine and Doug are married. In 2019, Christine earns a salary of $250,000 and Doug earns a…

A: Medicare tax is one of a part of payroll taxes in which a fixed medicare tax rate (1.45%) is…

Q: Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross…

A: To calculate the total 2020 tax liability for a surviving spouse with one dependent child, we need…

Q: Rajesh is filing single and he has an adjusted gross income (AGI) of $84,000 for the 2018 tax year.…

A: Federal Income Tax The Internal Revenue Service (IRS) imposes the federal income tax in the United…

Q: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: Clarissa's gross tax liabilin

A: Lets understand the basics.For determining net liability, lets understand the terms given in the…

Q: te is a 29-year-old single taxpayer with a modified adjusted gross income (MAGI) of $80,000. In…

A: The students take the loans for doing studies and there are deductions available on the loan…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $46,400. What is her tax liability in each…

A: Taxable Income $46,400 Less: Qualified Dividend ($9,400) Income Taxed at ordinary rates $37,000…

Q: Brian, a self-employed individual, pays state income tax payments of: $ 900 on January 15, 2020…

A: SOLUTION- DEDUCTION- IT IS THE INVESTMENT/EXPENDITURE THAT HELPS IN REDUCING THE TAX PAYABLE.

Q: Brenda pays the following property taxes in 2021.  $7,000 on her primary residense, $7,500 on her…

A: Answer:- the $10,000maximum amount is taxes that she may claim as an itemized dedution on Schedule…

Q: Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income:…

A: Kiddie tax is applicable on a dependent child if all the following requirements are met for the…

Q: What is her tax liability

A: Income includes salary, capital gain, earning from business or profession, and income from other…

Q: Jaylen and Zan are married, filing jointly. Their total adjusted gross income was $80,000 and they…

A: Given: Gross income = $80,000 Standard deduction = $24,000

Q: Review the following scenario. Use the information provided to answer questions about the taxpayer’s…

A: GIVEN   Evonne Williams (32) is filing as a single taxpayer. Evonne was the beneficiary of one of…

Q: Shelley is a self-employed CPA.  In 2020, she had gross revenue of $255,000 and expenses of $40,000…

A: Self employed individuals are required to pay both the employee and employer portion of social…

Q: Due to a change in her living situation, Tahira Bastianich, a single taxpayer, had to repay social…

A: Itemized deductions involve the following amounts that are paid for state as well as local income or…

Q: Susan, who is a qualifying widow, has a monthly gross income of $5,750.78 Calculate her net earnings…

A:

Q: Determine the taxable amount of social security benefits for the following situations. If an amount…

A: a.This works out as whichever is lesser of the following as shown below:1.

Q: Determine Amy’s taxable income for 2019 if she has $40,000 of salary income, is single, and claims…

A: Amy' taxable income = Gross income- standard deduction Standard deduction allowed for single tax…

Q: hich of the following should be included in an individual taxpayer's federal gross income?    Child…

A: Wages, dividends, capital gains, business income, retirement distributions, and other income are all…

Q: a. Generally, the earnings on the traditional IRA are tax deferred, whereas the earnings on a Roth…

A: There are 2 types of IRAs, namely, Traditional IRA and Roth IRA. There are different set of rules…

Q: Kristen reduced her federal mortgage interest deduction by $500 (amount of her mortgage interest…

A: Mortgage interest is the amount of interest that is being payable on the assets mortgaged or amount…