Carolyn has AGI of 38800 all from earned income and two qualifying children and is filing head of household. WHat amount of earned income credit she entitled too?
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: Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying…
A: Tax credits: Tax credit reduces the tax liability of the tax payer. Through tax credit an individual…
Q: what amount of child tax credit can they claim?
A: Given information:Presley and Jake are married filing joint taxpayers They have twin sons, ages…
Q: Coby has $61,000 of salary and $11,300 of itemized deductions. Chelsea has $87,000 of salary and…
A: Itemized Deductions : As the name suggests, it is the deduction of some item expenses incurred…
Q: Chris and Sarah are married with three qualifying children. Their earned income is $27,000. Using…
A: The Earned Income Tax Credit (EITC), now and again referred to as EIC, is a tax credit score for…
Q: What are the tax rates for minors' unearned income? Select one: A. Nil for every $1 earned up to…
A: Children are taxed at higher rates on unearned income under rules which were introduced to…
Q: Jasmine had 39000 wages, 14328 in alimony, 6200 in unemployment
A: Answer: Any income earned in wages and salary are part of gross income of any tax payer. Any amount…
Q: Using the EIC tables calculate the amount of her 2022 earned income credit.
A: Given in the question: Earned Income = $8,500 Adjusted Gross Income = $10,000 The year is 2022 It…
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: Jax files single and claims his son, Zander (20). His adjusted gross income (AGI) is $184,000. What…
A: The credit is $500 per qualifying dependent if AGI is below $200,000, ($400,000 if filing…
Q: Tim and Martha paid $9,100 in qualified employment-related expenses for their three young children…
A: The objective of the question is to calculate the amount of child and dependent care credit that Tim…
Q: Wendy has twins, Robert and Richard, who are in their first and third years of school at accredited…
A: Tax is an obligatory payment that is to be made by citizens to the government at the tax rates that…
Q: In 2023, Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was…
A: Taxpayers who pay for daycare out of pocket are given a credit score known as the "child and…
Q: Tim and Martha paid $8,900 in qualified employment-related expenses for their three young children…
A: Child and dependent credit -The child and dependent care credit is available to taxpayers who pay…
Q: A son qualifies for HOH filing status for a father who lives on his own in an apartment. The son…
A: True Because To file taxes as head of household, you must be considered unmarried, pay at least half…
Q: Determine the amount of the child tax credit in each of the following cases: B) a single parent…
A: Answer:-In tax law, modified adjusted gross income (MAGI) is used to establish eligibility for…
Q: Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as…
A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…
Q: Drew is single and files using the head of household filing status. His AGI is $95000. He has two…
A: The child tax credit seems to be a tax credit amount granted by the IRS to American taxpayers to…
Q: Carolyn has an AGI of $38,8C
A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…
Q: Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2023,…
A: A refundable tax credit, the Earned Income Tax Credit (EITC) is intended to support working families…
Q: Calculate the total child tax credit and other dependent credit for the following taxpayers. Please…
A: Given: AGI = $ 426,300
Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…
A: It is subject to phase outs when Married filing Jointly Adjusted Gross Income > $ 400,000 /- by…
Q: Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as…
A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…
Q: Susan, who is a qualifying widow, has a monthly gross income of $5,750.78 Calculate her net earnings…
A:
Q: Calculate Total Assessable Income, Taxable Income, Tax Liability, Medicare Levy and Medicare Levy…
A: Taxable income: It is the part of the income which is taxable in the hands individual.
Q: Adrienne is a single mother with a six-year-old daughter who lived with her during the entire year.…
A: The child and dependent care credit is available to taxpayers who pay for childcare expenses out of…
Q: Which of the following taxpayers may qualify for the Premium Tax Credit? Each purchased health care…
A: The Correct option is A that Alanis. She files single and her tax liability is zero.
Q: Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children…
A: The objective of the question is to calculate the amount of child and dependent care credit that Tim…
Q: Bob and Carol file their tax returns using the married filing jointly status. Their 2021 AGI is…
A: Determination of tax breaks for adoption expense Qualified expenses paid personally Paid by…
Q: In 2021, Ivanna, who has three children under age 13, worked full-time while her husband, Sergio,…
A: The Child and Dependent Care Credit is a tax credit provided by the U.S. government to help offset…
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: Natasha is a 21 year old,unmarried student who lives alone. Last year her taxable income was…
A: Gross income is the income which a taxpayer has earned during the year means all money which the…
Q: What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to…
A: Child Tax Credit is a tax benefit provided to eligible parents or guardians for each qualifying…
Q: Sarah is married filing separetly with taxable income of 67100 the tax table lists her rate at 25 %…
A: The Internal Revenue Service (IRS) states that every individual, and every company must pay tax to…
Q: in 2018, Nancy a single taxpayer with an AGI of 202,000 claims five dependent children all under age…
A: We have to find the child credit allowed to a single taxpayer given her AGI and number of dependent…
Q: Tim and Martha paid $8,100 in qualifie
A: The child and dependent care credit is available to taxpayers who pay for childcare expenses out of…
Q: Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as…
A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…
Q: Paola and Isidora are married; file a joint tax return; report modified AGI of $143,480; and have…
A: To claim the American Opportunity credit, the student must be pursuing a degree or other recognized…
Q: Trey has two de
A: A taxpayer is eligible to claim child and dependent care credit if he/she paid expenses for the care…
Q: Benjamin is a qualifying taxpayer with the following dependents: child age 17 child age 15 mother…
A: The question is related to taxation. The credit amount is up to $3,600 (previously it was $2000)…
Q: Jones and his 6 year old son live with uones' father Bidwell for the whole year, Jones has…
A: Ec credit is claimed by the tax payer but if the tax payer is minor then their credit can be claimed…
Q: le is r
A: Line 1 through 8 of form 1040 is for declaring income or loss from…
Q: Klp.3 Demeter is a single taxpayer. Her AGI during the tax year is $175,000. Demeter may claim a…
A: The Child Tax Credit is a duty benefit handed by theU.S. government to eligible taxpayers who have…
Q: 2. Jacqueline is newly-married and filing her first joint return with her husband Garrett. Their…
A: A tax return is a formal document that must be filed to a government agency (such In the US…
Q: uela Dent is single and had $178,400 in taxable income. Use the rates from Table 2.3 Do not round…
A: Taxable Income = $178400Required is to determine tax liability for the current year.
Q: What tax forms should be used for the following tax return? Tim is a self-employed business person…
A: Introduction A Tax Return is tax form used to file the income, expenses etc to tax authorities. Tax…
Q: Tim and Martha paid $7,900 in qualified employment-related expenses for their three young children…
A: The objective of the question is to calculate the amount of child and dependent care credit that Tim…
Q: Carolyn has an AGI of $38,800 (all from earned income) and two qualifying children and is filing as…
A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…
Q: a son qualifiesfor HOH filing status for a father who lives on hos apartment. The son provides over…
A: A taxpayer can be an character or enterprise entity this is obligated to pay taxes to a federal,…
Carolyn has AGI of 38800 all from earned income and two qualifying children and is filing head of household. WHat amount of earned income credit she entitled too?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Could you help with the answer for these 2 child tax credits? Determine the amount of the child tax credit in each of the following cases: A: A single parent with modified AGI of $214,100 and one child age 4. C. A married couple filing jointly with modified AGI of $408, 633 and two children age 14 and 16Tim and Martha paid $19,600 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,400 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $156,850 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: What amount of child and dependent care credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $139,900 that was earned entirely by Martha?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?
- is a head of household, earned wages of $86,500, received $4800 in interest from a savings account, contributed $6700 to a tax-deferred retirement plan, and had itemized deductions totaling $19,950. Find the gross income, adjusted gross income, and taxable income. Tax Rate Single Married Filing Jointly Married Filing Separately Head of Household 10% up to $9950 up to $19,900 up to $9950 up to $14,200 12% up to $40,525 up to $81,050 up to $40,525 up to $54,200 22% up to $86,375 up to $172,750 up to $86,375 up to $86,350 24% up to $164,925 up to $329,850 up to $164,925 up to $164,900 32% up to $209,425 up to $418,850 up to $209,425 up to $209,400 35% up to $523,600 up to $628,300 up to $314,150 up to $523,600 37% above $523,600 above $628,300 above $314,150 above $523,600 Standard Deduction…1. Jones and his 6 year old son live with u ones father Bidwell for the whole year, Jones has an Adjusted income of $15,000 and Mr. Bidwell has an AGIof $25,000. Jones is single. Gross Required a. Who can claim the 6-year old boy for Ec credit? b. What is your reason for answer in (a) above?Mark for follow up Question 30 of 50. Which of the following taxpayers may qualify for the Premium Tax Credit? Each purchased health care coverage through the Healthcare Marketplace, and each received Form 1095-A, Health Insurance Marketplace Statement. None received unemployment income. Alanis. She files single and her tax liability is zero. Caleb. He and his spouse file married filing separately, but live in the same house. Jordan. He files head of household and was eligible for employer-sponsored coverage, but he chose not to enroll in the plan because it would have cost him 5% of his household income. Sydney. She files single and will be claimed as a dependent on her grandmother's return. Mark for follow up
- Suppose Alexa has a weekly paycheck with gross earnings of $1,234.00 and is single with no dependents. Calculate her Federal Withholding Tax for the pay period using the percentage method.Marry is single. She has modified AGI of $20,000 and social security benifits of $2,000. The social security benifits Mary must include in gross income is?Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his daughters under each of the following alternative situations? Use Exhibit 8-8. b. His AGI is $420,200. Amount of child tax credit
- Assuming all other requirements are met, what is the couple's refundable portion of the American Opportunity Tax Credit? To assist you in answering this question, Page 1 of the Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits), is provided below.Benjamin has the following dependents. child age 19 child age 15 mother age 67 How may of these dependents qualify for the $500 nonrefundable Credit for Other dependents in 2021?Jesus and Victoria Gonzales' filing status is married filing jointly. They provide care for Victoria's aging parents who both qualify as their dependents. Their adjusted gross income is $410,000. How much of the credit for other dependents is phased out? OA) $1,000 OB) $250 OC) $0 OD) $500
