Calculate the total 2020 tax liability for a surviving spouse with one dependent child with a gross income of $68,840.00, assuming that the taxpayer takes the standard deduction. If the dependent child is under the age of 17 and $3,000.00 was withheld from the taxpayer's wagesfor federal income taxes, what is the amount of the taxpayer's refund or tax due?Assuming the single parent taxpayer's filing status is Married Filing Jointly or Surviving Spouse, the taxpayer's standard deduction for the 2020 tax year is $(Enter the amount to the nearest cent.) Click the following link for a standard deduction table:Data table(Click on the following icon in order to copy its contents into a spreadsheet.)Filing StatusSingleStandard Deduction AmountsMarried Filing Jointly or Surviving SpouseHead of HouseholdMarried Filing SeparatelyChild Tax Credit in 2020: $2,000 per childPrintDone2020$12,400$24,800$18,650$12,400

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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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Sara is filing as head of household and has a 2023 taxable income of $66,000, which includes $3,000 of net long-term capital gain. The net long-term capital gain is made up of $1,000 25% gain and $2,000 0 % / 15 % / 20% gain. What is the tax on her taxable income using the alternative tax method? Note: use tax rate schedule rather than the tax table a. $0 b. $8, 221 c. $8,311 d. $8,081
Apply the tax benefit rule to determine the amount of the state income tax refund included in gross income in 2021. If an amount is zero, enter "0". a. Myrna and Geoffrey filed a joint tax return in 2020. Their AGI was $101,825, and itemized deductions were $25,000, which included $6,250 in state income tax and no other state or local taxes. In 2021, they received a $5,000 refund of the state income taxes that they paid in 2020. The standard deduction for married filing jointly in 2020 was $24,800. b. Veronica filed as a single taxpayer in 2020. Her AGI was $249,000, and itemized deductions were $44,900. Her local property taxes were $15,700 and her state income taxes were $19,500. In 2021, Veronica received a $2,200 refund of the state income taxes she paid in 2020. The standad deduction for single filers in 2020 was $12,400.
Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "$0".a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.
Determine the amount of taxable income that should be reported by a cash-basis taxpayer in 2022 in each of the following independent cases: Required: a. A taxpayer completes $700 of accounting services in December 2022 for a client who pays for the accounting work in January 2023. b. A taxpayer is in the business of renting computers on a short-term basis. On December 1, 2022, she rents a computer for a $260 rental fee and receives a $650 deposit. The customer returns the computer and is refunded the deposit on December 20, 2022. c. Same facts as (b) except that the computer is returned on January 5, 2023. d. On December 18, 2022, a landlord rents an apartment for $625 per month and collects the first and last months' rent up front. It is customary that tenants apply the security deposit to their last month's rent upon moving out. e. An accountant agrees to perform $395 of tax services for an auto mechanic who has agreed to perform repairs on the car of the accountant's wife. The…
Determine Amy’s taxable income for 2019 if she has $40,000 of salary income, is single, and claims the standard deduction Required Determine Amy’s income tax liability for 2019.
Determine the tax llability for tax year 2021 In each of the following Instances. In each case, assume the taxpayer can take only the standard deduction. Use the approprlate Tax Tables and Tax Rate Schedules. a. A single taxpayer, not head of household. with AGI of $24,793 and one dependent. b. A single taxpayer, not head of household, with AGI of $189,309 and no dependents. Note: Round your Intermedlate computations to 2 decCimal places and final answer to the nearest dollar amount CA marrled couple filing Jointly with AGI of $41,245 and two dependents. d. A marrled couple filing Jolntly with AGI of $163,588 and three dependents. Note: Round your Intermedlate computations to 2 decimal places and final answer to the nearest dollar amount e. A marrled couple fillng Jolntly with AGI of $313.894 and one dependent. Note: Round your Intermediate computations to 2 decimal places and final answer to the nearest do EA taxpayer filing marrled filing separately with AGI of $70,296 and one…
For each individual, calculate the self-employment tax. Assume that each individual files tax returns under single status. Remember, the additional Medicare Tax threshold that applies to sel-employment income is based on the employee's filing status, but to simplify the process for employers, the IRS requires that Additional Medicare Tax be withheld from all employees who earn more than $200,000 in a single year, regardless of filing status. Martin Hughes earns net self-employment income of $149,900. He works a second job from which he receives FICA taxable earnings of $129,200.Self-Employment tax = $ What is the self employement tax? (Self employment tax=net self employment income x 15.3% However, for individuals who have net self-employment income exceeding $200,000 (or $250,000 for married filing jointly), there's an additional Medicare Tax of 0.9% on the excess amount.)
In 2023, Miranda records net earnings from self-employment of $198,200. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is $ and she has a $ deduction for AGI.
The 2020 Arizona graduated tax rate is given in the table below for those filing status is single or married filing separate. To use this table you will calculate the amount of money to be taxed at each level and theri sum up the amount for each given tax rate. Find the income tax for a person filing single and has a taxable income reported as $75.700. Round your answer to the nearest whole dollar amount. Income The income between $0 and $27.272 Tax Rate 2.59% The income between $27.272 and $54.544 3.34% The income between $54,544 and $163.632 4.17% The income above $163.632 Your Answer: 4.50%
Compute the 2019 tax liability and the marginal and average tax rates for the following taxpayers (use the 2019 Tax Rate Schedules in Appendix A for this purpose):a. Chandler, who files as a single taxpayer, has taxable income of $94,800.b. Lazare, who files as a head of household, has taxable income of $57,050.
In 2022, Miranda records net earnings from self-employment of $195,200. She has no other gross income. Determine the amount of Miranda's self-employment tax and her AGI Income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s 28,650 X and she has as 28,650 X deduction for AGI.
A taxpayer who is married with $200,000 of joint income in 2024 and claiming the standard deduction of $29,200 owe $ 27,726 of total federal income taxes. True False

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