Calculate the total child tax credit and other dependent credit for the following taxpayers. Please show your work. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI.
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Calculate the total child tax credit and other dependent credit for the following taxpayers. Please show your
work.
Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI.
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- Calculate the total child and other dependent credit for the following taxpayers. Please show your work. Jeremy is a single (head of household) father with $80,100 of AGI and has a dependent 8 -year-old son: ______________________________________________________________________ Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool children: ______________________________________________________________________ James and Apple have AGI of $417,100, file jointly, and claim three dependent children ages 7,10, and 19): ______________________________________________________________________Listen Calculate the total child tax credit and other dependent credit for the following taxpayers. Please explain your answers. a. Ninfa is a single mother with 8-year-old and 9-year-old dependent sons and has $50,000 of AGI. b. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI. c. Carol is single and has one dependent 18-year-old son and $21.000 of AGI Question 30 4) Listen Daddy Warbucks is in the process of adopting Annie from a New York orphanage. He pays $7,000 in 2019, and S7,500 in 2020. Daddy Warbucks AGI for 2020 is S165.000. a. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2020? b. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2021? c. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption falls through and is never finalized?Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $307,600. His additional Medicare tax is $276,840 b. George and Shirley are married and file a joint return. During the year, George earns wages of $276,400, and Shirley earns wages of $414,600. Their additional Medicare tax is $ c. Simon has net investment income of $59,960 and MAGI of $299,800 and files as a single taxpayer. Simon's additional Medicare tax is $
- Determine the amount of the child- and dependent-care credit to which each of the following taxpayers is entitled. If an amount is zero, enter "0". Round intermediate computations and final answer to the nearest dollar. Note: Round your percentage computations up to the next whole number before using in credit dollar amount computations. a. Caryle and Philip are married and have a 4-year-old daughter. Their adjusted gross income is $47,600, and they pay $2,300 in qualified child-care expenses during the year. Caryle earns $17,100, and Philip earns $30,500 in salary. $fill in the blank 1 b. Natalie is a single parent with an 8-year-old son. Her adjusted gross income is $25,000, and she pays $3,190 in qualified child-care expenses. $fill in the blank 2 c. Leanne and Ross are married and have three children, ages 6, 4, and 1. Their adjusted gross income is $77,000, and they pay $6,340 in qualified child-care expenses during the year. Leanne earns $47,600, and Ross earns…Calculate the child tax credit for the following taxpayers. Round any division "up" to the nearest whole number. a. Jeremy is a single (head of household) father with $80,100 of AGI and has a dependent 8-year-old son:$ b. Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool children:$ c. James and Apple have AGI of $415,250, file jointly, and claim three dependent children (ages 7, 10, and 19):$ Check My Work2 more Check My Work uses remaining. Previous NextJoyce, a single parent, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2023. She uses the standard deduction and files as a head of household. Round all computations to the nearest dollar. Click to access Earned Income Credit and Phaseout Percentages Table and the Tax Rates Schedules. a. Calculate the amount, if any, of Joyce's earned income credit. 2,696 X b. During the year, Joyce is offered a new job that has greater future potential than her current job. If she accepts the job offer, her earnings for the year will be $40,400; however, she is afraid she will not qualify for the earned income credit. Determine the increase or decrease in Joyce's net cash flow if she accepts the new job. Since the child tax credit will be the same under either scenario, you can ignore it for purposes of this analysis. Use the Tax Rate Schedule when computing her income tax. Tax calculation: Salary Less: Standard deduction Taxable income…
- Arturo and Deena are married with two dependents. They enrolled in a qualified plan through the Marketplace at a cost of $2,700 per year. Their household income was $36,000. Their SLCSP premium is $3,600. What is their premium tax credit? Multiple Choice $2,700. $1,264. $2,336. $3,600.Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $386,800.His additional Medicare tax is $ b. George and Shirley are married and file a joint return. During the year, George earns wages of $229,900, and Shirley earns wages of $344,850.Their additional Medicare tax is $ c. Simon has net investment income of $58,000 and MAGI of $290,000 and files as a single taxpayer.Simon's additional Medicare tax is $Clarita is a single taxpayer with two dependent children, ages 10 and 12. Clarita pays $3,000 in qualified child care expenses during the year. If her adjusted gross income (all from wages) for the year is $20,200 and she takes the standard deduction, calculate Clarita's earned income credit and child and dependent care credit for 2020. A. child and dependent care credit? B. Earned income credit?
- a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost Refer to the information provided and compute the child and dependent care tax credit. Child and dependent Qualifying expenses eligible Applicable percentage care tax credit Requirement = Print % = For each of the independent situations, determine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2022.) Done X Independent Situations a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost of $8,000. b. Assume the same facts as in Part a, except that Bruno and Bridget employ Bridget's mother, who is not their dependent, as the…Prepare a 1040 form for John and Jane Doe. They have one child age 4 who qualifies for the child tax credit. John has w-2 Income 44,500.00 and Jane has W-2 income of 46,300.00. They have interst income of 875.00. They have charitable contributions of 3,000.00. Mortgage interest of 4200.00. Jane had federal income tax of 6,350.00 withheld from her check and John had 6175.00 withheld for federal income tax.Joanna is single and has 3 dependent children. She earns a gross yearly salary of $66, 154. She will also make the following tax-deductible purchase: Educational expenses: $6,909 Compute her final income tax. Use the following information: head_of_households.png Standard deduction for heads of households: $20,800 Round your answer to the nearest dollar.