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- Melissa is a very generous single woman. Before this year (2023), she gave over $12,920,000 in taxable gifts over the years and has completely exhausted her applicable credit amount. In the current year, Melissa gave her daughter Riley $100,000 and promptly filed her gift tax return. Melissa did not make any other gifts this year. How much gift tax must Riley pay the IRS because of this transaction? A.$0 B.$33,200 C.$40,000 D.$45,000Jeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) Required: Determine Jeremy's tax refund or taxes due. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy's tax refund or tax due including the tax on the capital gain? Assume the original facts except that Jeremy has only $7,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due? (1) Gross income$106,000 (2) For AGI deductions0 (3) Adjusted gross income$106,000 (4) Standard deduction19,400 (5) Itemized…Jeremy (unmarried) earned $100,300 in salary and $6,300 in interest income during the year. Jeremy’s employer withheld $10,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,300 in itemized dedications, including $2,000 of charitable contributions to his church. -Determine Jeremy’s tax refund or taxes due. -Assume that in addition to the original facts, Jeremy had a long term capital gain of $5,050. What is Jeremy’s tax refund or tax due including the tax on the capital gain? -Assume the original facts except that Jeremy has only $7,000 in itemized deductions. Assume the charitable contribution deduction for non-itemized applies to 2022. What is Jeremy’s tax refund or tax due?
- In each of February 2005, 2006 and 2007, Lyle made an annual contribution of $6,750 into a spousal RRSP. He did not make any RRSP contributions in 2008 or 2009 because of tight finances. Lillian did not make any contributions. In April 2009, Lyle's spouse, Lillian, withdrew $20,000 from a spousal RRSP under which she is the annuitant and Lyle is the contributor. What income tax consequences are associated with the $20,000 withdrawal? $20,000 is taxable to Lillian $20,000 is taxable to Lyle $6,750 is taxable to Lillian and $13,250 is taxable to Lyle $6,750 is taxable to Lyle and $13,250 is taxable to Lillian DATA SHEET OAS recovery tax 2017 income $74,788 - 121,314 OAS recovery tax 2018 income $75,910 123,386 2016 Money Purchase Limit $26,010 2017 Money Purchase Limit S26,230 2021 RRSP$ Limit $27,830 2022 RRSP S Limit $29,210 2018 OAS $586.66 2017 OAS $583.74 2018 CPP $1.134 17Richard Cook, born 4/1/1982, was a widower in 2017 and has not remarried. He has a 5 year old daughter, Isabella,born 9/25/2016. Richard has a W-2 with wages of $41,500, social security wages of 42,500, federal income tax withheld is 1850. And SS tax withheld is 2635, Medicare tax withheld is 616.25. His retirement plan shows $1,000 (code D) on12a of W2. He has a 1099 Int. For $100 interest income and a $20 early withdrawal penalty. He has a receipt from Busy Bee Day Care showing he paid $1500 for daycare for his daughter for 2021. What is the amount of his child and dependent care credit? Is he eligible for both the child tax credit and child and dependent care credit? I am assumig his correct filing status is HOH. ThanksJeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) Required: Determine Jeremy's tax refund or taxes due. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What is Jeremy's tax refund or tax due including the tax on the capital gain? Assume the original facts except that Jeremy has only $7,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due?
- Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales representative forPlanning Associates; $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. She takes the standard deduction. Calculate her taxable income, tax liability, and tax refund or taxowed for 2018.During the current year, Kristina, a single taxpayer with no dependents, has a salary of $130,000. She has the following income and (losses) from passive activities in 2021: Rental House ($28,850) Restaurant ( 3,900) Golf Course 7,800 Kristina has suspended loss carryforwards into 2021 of ($2,500) on the rental house and ($11,400) on the restaurant. She has a gain of $6,700 from selling the restaurant in 2021. She actively manages the rental house and is the sole owner. 1. What is Kristina's AGI in 2021? 2. What, if any, are Kristina's suspended loss carryforwards by activity? If she does not have any, explain why. 3. Assume Kristina has no deductions For AGI, no qualified business income, and takes the standard deduction; what is her federal income tax liability for 2021?Jeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy’s employer withheld $10,000 of federal income taxes from Jeremy’s paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremey qualifies to file as head of household and has $23,000 in itemized deductions, including $2,000 of charitable contributions to his church. Determine the amount Jeremy’s taxes due.
- Jeremy (unmarried) earned $107,500 in salary and $6,400 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $31,420 in itemized deductions. (Use the tax rate schedules, Tax rates for Net Capital Gains and Qualified Dividends.) Required: a. Determine Jeremy's tax refund or taxes due. b. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,180. What is Jeremy's tax refund or tax due including the tax on the capital gain? c. Assume the original facts except that Jeremy has only $7,750 in itemized deductions. What is Jeremy's tax refund or tax due? Complete this question by entering your answers in the tabs below. Required A X Answer is complete but not entirely correct. Required B Required C Assume that in addition to the original facts, Jeremy has…Jeremy (unmarried) earned $100,700 in salary and $6,700 in interest income during the year. Jeremy's employer withheld $10,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child (age 14) who lives with him. Jeremy qualifies to file as head of household and has $23,700 in itemized deductions, including $2,000 of charitable contributions to his church. (Use the tax rate schedules.) Required: Determine Jeremy's tax refund or taxes due. Assume that in addition to the original facts, Jeremy has a long-term capital gain of $7,050. What is Jeremy's tax refund or tax due including the tax on the capital gain? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Assume the original facts except that Jeremy has only $5,000 in itemized deductions. Assume the charitable contribution deduction for non-itemizers applies to 2022. What is Jeremy's tax refund or tax due?Kirsy , a single taxpayer, has taxable income of $40,000 and is in the 12% tax bracket. During 2021, she had the following capital asset transactions: Long-term gain from the sale of a coin collection $11,000 Long-term gain from the sale of a land investment 10,000 Short-term gain from the sale of a stock investment 2,000 Kirsy's tax consequences from these gains are as follows: a.(12% × $13,000) + (28% × $11,000). b.(5% × $10,000) + (12% × $13,000). c.(0% × $10,000) + (12% × $13,000). d.(12% × $23,000).
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