Benny (56) and June (53) are married filing jointly. June's health insurance through work covers both of them, with a $3,500 annual deductible. June has a health savings account (HSA). They had no other insurance. What is the maximum contribution amount (including catch-up contributions) to their HSA account for 2023?
Q: Toby and Nancy are engaged and plan to get married. During 2019, Toby is a full-time student and…
A: Gross income: Gross income is the sum of all forms of income of the taxpayer before claiming any…
Q: Juan, who is single, is a self-employed carpenter as well as an e His self-employment net income is…
A: Self Employment Tax The federal government collects taxes from self-employed workers and small…
Q: Taylor, age 18, is claimed as a dependent by her parents. For 2022, she has the following income:…
A: Based on the information provided, Taylor's total income for 2022 is $9,000 ($5,600 + $1,300 +…
Q: Darrell (46) is unmarried. His mother, Marlene (81), lives in a nursing home. Darrell pays the…
A: Filing status is defined as the kind of tax return from the taxpayer would use when filing the…
Q: In 2020, Laureen is currently single. She paid $2,320 of qualified tuition and related expenses for…
A: AOTC: American opportunity tax credit (AOTC) is a credit available for qualified tuition and…
Q: Kim and David were bot
A: You can start receiving your Social Security retirement benefits as early as age 62. However,…
Q: ompute their net tax payable or refund appropriate tax rate schedule (not the Tax Tables). If you…
A:
Q: Luther and Lexi are married and file a joint return. Luther and Lexi were enrolled in their…
A: As per IRS, for individuals and families that are qualified and buy health insurance through the…
Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…
A: For Joint Filling: You will pay income taxes of up to 50% of social security income for married…
Q: interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2020…
A: Premium tax credit refers to the refundable tax credit in the US which is payable through the IRS to…
Q: Paul and Karen Kent are married, and both are employed (Paul earns $44,000 and Karen earns $9,000…
A: Child and dependent care benefits refer to the form of incentive provided by the authorized…
Q: Rafael and Lucy, married taxpayers, each contribute $2,900 to their respective § 401(k) plans…
A: In case AGI ranging between $38,000 and $41,000 they may claim a credit for their retirement plan…
Q: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2021,…
A: INTRODUCTION: Tax credits are sums of money that taxpayers can deduct directly from their taxes. Tax…
Q: a. Shauna paid $4,680 for medical expenses for care related to a broken ankle. Also, Shauna's…
A: Taxable income:The income on which the amount of tax is calculated is known as taxable income.…
Q: Which of the following taxpayers are liable to pay the Medicare levy surcharge? Select one: A. Ian…
A: The following persons are not required to Pay Medical Levy Surcharge Single Less than 90,000…
Q: Sal, single and age 72, is a participant of his employer’s qualified profit-sharing plan. For the…
A: IRA is an Individual retirement account. Individual can make contribution to this account, to have…
Q: Grady received $8,200 of Social Security benefits this year. Grady also reported salary and interest…
A: Answer:- Gross Income meaning:- Gross Income includes all gross pay before deduction by way of pay…
Q: and Lucy are married, ages 33 and 32, and together have AGI of $120,000 in 2021. They have four…
A: Step 1: Calculate Total Medical ExpensesAdd up all the medical expenses they paid in 2021:Doctor,…
Q: Diego, age 88, married Dolores, age 60, in 2020. Their salaries for the year amounted to $47,230 and…
A: Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: James and Esther Johnson are husband and wife and file a joint return. They live at 45678 S.W. 112th…
A: Solution: As per given - James and Esther Johnson are husband and wife and file a joint return. They…
Q: Maribeth and Rick are married and file jointly. Maribeth runs her own bakery and makes a net profit…
A: The objective of the question is to calculate the amount that Maribeth and Rick can deduct in…
Q: Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate…
A: If taxpayers are enrolled in a High Deductible Health Plan (HDHP), consumers can use their Health…
Q: [The following information applies to the questions displayed below.] In 2023, LeSean (age 52 and…
A: The term "IRA" refers to an Individual Retirement Arrangement, which is a tax-favored personal…
Q: Melody (48) is single, with a modified adjusted gross income of $72,000 (all from wages). She is…
A: For the tax year 2022, for a taxpayer covered under the employer-sponsored retirement plan, the…
Q: Which of the following taxpayers can take a full deduction on a traditional IRA contribution for…
A: Full deduction is available for a single filers who are covered by employer employer-sponsored…
Q: All of the following taxpayers meet the modified adjusted gross requirements for the Retirement…
A: Age: 18 years of age or older.Filing Status: Not claimed as a dependent on someone else's tax…
Q: Addy & DJ are married & have 1 child, he is 2 yrs old. In 2022 Addy had employment income of $51,…
A: Solution:- Let us consider the relevant tax laws. As of September 2021, in the United States CDCC…
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: 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: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…
A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…
Q: Luther and Lexi are married and file a joint return. Luther and Lexi were enrolled in their…
A: Premium Tax Credit (PTC) For qualifying individuals and families that buy health insurance through…
Q: Mr. and Mrs. Grnager are both full-time employees. Their three children are 16, 6, and 3 years old.…
A: Here the details of qualified expenses which can be used for claiming the child and depend care…
Q: Jeremiah and Jonnie Chaulk are married and have three dependent children, ages 3, 6, and 9. Assume…
A: Dependent & Child Care CreditRequires care for a dependent child (under 13 years) or disabled…
Q: Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2023). In 2023, her…
A: Answer:- An employer's contributions made through a SEP plan are held in a regular IRA known as a…
Q: In 2023, Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was…
A: The Child and Dependent Care Credit is a tax credit provided by the U.S. government to help offset…
Q: Grady received $8,760 of Social Security benefits this year. Grady also reported salary and interest…
A: For married and filing jointly:Will have to pay income taxes up to 50% of social security income for…
Q: Jada (age 53) and Elijah
A: 1. You are eligible to open and make contributions to an HSA under federal regulations if you:are…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Rex Luther is an Anesthesiologist. He is single and has an adjusted gross income of $244,500. He paid $5,200 in student loan interest in 2022. How much can he deduct in student loan interest as an adjustment to his income?Jada (age 53) and Elijah (age 60) are married, and both are self-employed. In 2023, they participate in a health insurance plan with a $3,000 annual deductible and out-of-pocket.maximum of $9,000. The only other health plan they have is a vision insurance plan. Required: a1. Are they eligible to contribute to a health savings account? a2. If they can contribute to an HSA what is their maximum contribution and deduction? Complete this question by entering your answers in the tabs below. Required A1 Required A2 If they can contribute to an HSA what is their maximum contribution and deduction? Maximum HSA contribution and deduction[The following information applies to the questions displayed below.] In 2023, Susan (44 years old) is a highly successful architect and is covered by an employee-sponsored plan. Her husband, Dan (47 years old), however, is a Ph.D. student and unemployed. Compute the maximum deductible IRA contribution for each spouse in the following alternative situations. Note: Leave no answers blank. Enter zero if applicable. a. Susan's salary and the couple's AGI before any IRA contribution deductions is $224,000. The couple files a joint tax return.
- Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, Susan's income is $43,120 and Stan's is $12,000 and both are self-employed. They also have $500 in interest income from tax exempt bonds. The Collins enrolled in health insurance for all of 2020 through their state exchange and elected to have the credit paid in advance. The 2020 Form 1095-A that the Collins received from the exchange lists the following information: Annual premiums $9,800 Annual premium for the designated silver plan in the state $10,800 Total advance payment of the premium tax credit $9,200 The Federal Poverty Line for a family of four is $25,750. Table for Repayment of the Credit Amount Single Taxpayers OtherThan Single Less than 200% $325 $650 At least 200% but less than 300% 800 1,600 At least 300% but less than 400% 1,350 2,700 At least 400% No limit No limit Click here to access the 2020 Applicable Figure Table to use for this…George and Wanda received $29,100 of Social Security benefits this year ($11,000 for George, $18.300 for Wanda). They also received $4,800 of interest from jointly owned City of Ranburne Bonds and dividend income. What amount of the Social Security benefits must George and Wanda include in their gross income under the following independent situations? Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. George and Wanda file married joint and receive $8,750 of dividend income from stocks owned by George b. George and Wanda file married separate and receive $8,750 of dividend income from stocks owned by George c. George and Wands file married joint and receive $32.200 of dividend income from stocks owned by George d. George and Wanda file married joint and receive $16,100,of dividend income from stocks owned by George Complete this question by entering your answers in the…For each situation listed indicate the amount to be included in income for current year. The federal interest rate of 5.5% is in effect. Linda collected $42,000 on a life insurance policy from her husband, Leon's death. The insurance policy was provided by Leon's employer, and the premiums were excluded from Leon's gross income as group term life insurance. The policy face value was $40,000.
- Alton Newman, age 67, is married and files a joint return with his wife, Clair, age 65. Alton and Clair are both retired, and during 2019, they received Social Security benefits of $10,000. Both Alton and Clair are covered by Medicare. Alton's Social Security number is 111-11-1119, and Clair's is 123-45-6786. They reside at 210 College Drive, Columbia, SC 29201. Alton, who retired on January 1, 2019, receives benefits from a qualified pension plan of $2,750 a month for life. His total contributions to the plan (none of which were deductible) were $168,250. In January 2019, he received a bonus of $2,000 from his former employer for service performed in 2018. No income taxes were withheld on this bonus by his former employer (Amalgamated Industries, Inc.; EIN 12-3456789; 114 Main Street, Columbia, SC 29201). Although Amalgamated Industries, Inc., accrued the bonus in 2018, it was not paid until 2019. Clair, who retired on December 31, 2018, started receiving benefits of $1,400 a month on…[The following information applies to the questions displayed below.] In 2023, LeSean (age 59 and single) has earned income of $4,800. He also has $31,700 of unearned (capital gain) income. c. If he does not participate in an employer-sponsored plan, what is the maximum deductible IRA contribution LeSean can make in 2023 if he has earned income of $15,300? Maximum deductible IRA contributionSusan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2019, Susan’s income is $41,214 and Stan’s is $12,000 and both are self-employed. They also have $500 in interest income from tax-exempt bonds. The Collins enrolled in health insurance for all of 2019 through their state exchange but did not elect to have the credit paid in advance. The 2019 Form 1095-A that the Collins received from the exchange lists the following information:Annual premiums $9,800Annual premium for the designated silver plan in the state $10,800 Compute the Collins’ premium tax credit for 2019.
- Ashford, age 45, is an active participant in his employer's defined benefit retirement plan, but he would also like to make a deductible contribution to a traditional IRA this year. Ashford is married, files a joint return with his spouse, and has an AGI of $114,000 in 2021. What is the maximum deductible contribution that Ashford can make to a traditional IRA?Doyle and Rosie, who filed jointly, are both on active duty. They have two children, Doyle, Jr. (age 4) and Tiara (age 2). In 2022, Doyle earned $20, 000, of which $14, 000 was combat pay. Rosie earned $24, 000, of which $5,000 was combat pay. How would you prepare their return with regard to the Earned Income Tax Credit (EITC) and the Child and Dependent Care Credit? Calculate the EITC and the Child and Dependent Care Credit two ways: 1) using all combat pay; 2) using no combat pay. Both credits must be calculated using the same income figure. Separately calculate both the EITC and the Child and Dependent Care Credit four ways: 1) using all combat pay; 2) using no combat pay; 3) using only Doyle's combat pay; 4) using only Rosie's combat pay. Each credit should be figured independently; they do not have to use the same income figure. Look at the calculation tables for each credit and add as much of the combat pay as needed to get the largest possible refund for the client. Calculate…Please explain every step. Thank you