Hannah is a teacher, single, had gross income of $50,000, and incurred the following expenses:Charitable contributionTaxes and interest on homeLegal fees incurred in a tax disputeMedical expensesSupplies for her third grade classHer AGI is:Xa. $49,700.b. $39,750.c. $39,700.d. $40,000.$2,0007,0001,0003,000350

Adjusted Gross Income -The Internal Revenue Service (IRS) utilises your adjusted gross income (AGI)…

Answered: Charitable contribution Taxes and…

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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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. c. His AGI is $424,800, and his daughters are ages 10 and 12. Amount of child tax credit
Problem 7-1 Child Tax Credit (LO 7.1) Calculate the total 2021 child and other dependent 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: 3,000 ✓ Feedback ►Check My Work b. Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool (under the age of 6) children: 5,000 X Feedback ►Check My Work c. James and Apple have AGI of $430,300, file jointly, and claim three dependent children (ages 7, 10, and 19): 2,950 ✓ Feedback Check My Work
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6. A married couple are calculating their federal income tax using the tax rate tables: Then Estimated Taxes Are If Taxpayer's Income Is Between So $16,700 $67,900 $137,050 $208,850 $372,950 But Not Over $16,700 $67,900 $137,050 $208,850 $372,950 Base TaxRate $0 10% $1,670.00 15% $9,350.00 25% $26,637.50 28% $46,741.50 33% $100,894.50 35% S0 $16,700 $67,900 $137,050 $208,850 $372,950 How much tax will they have to pay on their taxable income of $202,000? (4
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Problem 2: Determine AGI During 2021 Carl Spackler, a single taxpayer with no dependents, reported the following information: Receipts Wages from his job as a groundskeeper Payments from Lacey Underhall Cash Received from Rolling Hills Country Club, Ltd Expenditures Investment Interest Real Estate Taxes Contribution to a Health Savings Account Purchase of Xbox ● 150,000 Required: Determine Carl's AGI for 2021. 20,000 80,000 3,000 2,000 1,000 ADDITIONAL INFORMATION • Carl is an investor in a partnership - Rolling Hills Country Club, Ltd. His ownership percentage is 15% and during the year the partnership generated total profits of $2,000,000. Lacey is Carl's ex-wife. They were divorced in 2015 and the payments will cease when Carl dies. Any item you determine is an allowable deduction you can assume that the whole amount is deductible. 5,000
Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000
1. Label each item as Gross Income, (GI), Not Included, (NI) or Deductions for Adjusted Gross Income, (DAGI), and calculate adjusted gross income for Noelle Nelson. A gift from her mother Nia, $30,000 Noelle has a sole proprietorship, candy shop. The net income is $120,000 Salary $100,000. Bonus $40,000 Capital loss $20,000 Contribution to individual retirement account, $1,000 Child support received, $30,000 Alimony received $50,000. The divorce was signed on January 15, 2018. Noele won $20,000 in a national bowling tournament. Noelle received $20,000 from a legal settlement for a dog bite on her leg. Student loan interest paid $1,000. Noelle’s sister, Natasha, gave her $40,000, in repayment of a $35,000 loan from 2017. Workman’s compensation $30,000 Unemployment compensation $40,000 Interest from a City of Nashville Bond, $7,000 Treasury bill interest $10,000 Interest from CitiGroup Account $5,000 Penalty for early withdrawal from timed savings…
Question 13: Louisa is an employee of Maroon Corp. Louisa files as Married Filing Jointly on her tax return. Over what amount will Maroon Corp. begin to withhold the additional Medicare tax from her earnings? Answer: A. SO В. O $125.000 C. O $200,000 D. $250,000
Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000
Use the personal allowance table below. Personal Allowance Amount Single $2,000 Married 4,000 Each Dependent 2,000
Part II: Complete the following table with the information provided Net income Medical care Social Employee with Other Gross Income Tax deductions allowed income Security contribution deductions Contribution (1.45%) (6.20%) $735 $25 (12%) Arroyo (0) $12 Bravo (1) $675 (11%) Colón (2) $895 (10%) 10 -0- Diaz (3) $580 $5 (9%) 11 $610 Figueroa (4) (7%) 12 -0- Determine: • Social Security Contribution (FICA) Medical care contribution (Medicare - FICA) Income Tax Net income

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Charitable contribution Taxes and interest on home Legal fees incurred in a tax dispute Medical expenses Supplies for her third grade class Her AGI is: X a. $49,700. b. $39,750. c. $39,700. $2,000 7,000 1,000 3,000 350