Problem 7-1Child 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 Workb. Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool (under the age of 6) children:5,000 XFeedback►Check My Workc. James and Apple have AGI of $430,300, file jointly, and claim three dependent children (ages 7, 10, and 19):2,950 ✓FeedbackCheck My Work

Child Tax Credit: The Child Tax Credit is a tax benefit granted to taxpayers for each qualifying…

Answered: Child Tax Credit (LO 7.1) Calculate the…

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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Need these answered asap! 1) Taking home used office printers when the company purchases new equipment would increase your gross income. True or False 2) A taxpayer filing Married Jointly has an AGI of $120,250. They have one qualifying child under age 17. How much could they potentially recieev in a child tax credit? Phase out begins at $400,000. 500, 1400, 0, 600, or 2000? 3) You pay $9,000 for an annuity. The annuity will pay $1,000 for 12 years. How much of the annuity cash payments will be considered as a taxable income? 750, 0, 1000, or 250? 4) We discussed several divorce payments. Which category will be included on the recipient's tax return as gross income if the divorce happened after 2018? Alimony, Property Settlements, Child Support, All of the Above, or None of the Above 5) Normally, for a taxable item to be considered realized there must have been an ownership transfer and the transaction involves a secondary party. True or False
Kristin and Logan have two young children. They have $7,000 of qualified child care expenses and AGI of $22,000 in 2020. What is their allowable child and dependent care credit considering their pre-credit tax liability? a. $1,860 b. $0 c. $7,000 d. $2,000 e. $6,000
Use the marginal tax rates in the table below to compute the tax owed in the following situation. The tax owed is S (Simplify your answer. Round to the nearest dollar as needed.) Marco is married filing separately with a taxable income of $67,900. Tax Rate 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption (per person) Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350 $6350 $4050
Jon and Kate have 8 children. Their current year AGI is 200,000 and consists exclusively of earned income. They have $50,000 in childcare expenses If all of their kids are younger than age 17. Three of the children are younger than age 6. What is the maximum refundable portion of the child tax credit? O $12,800 O $25,800 O $4,000 $16,000
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?
Qualifying Dependents (LO 1.6) In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if so, the total amount of the child tax credit and other dependent credit for 2021 (assuming no advance payments or limitations apply). If an amount is zero, enter "0" a. Donna, a 20-year-old single taxpayer, supports her mother, who lives in her own home. Her mother has income of $1,350. b. William, age 43, and Mary, age 45, are married and support William's 19-year- old sister, who is not a student. The sister's income from a part-time job is $4,300, c. Devi was divorced in 2019 and receives child support of $250 per month from her ex-husband for the support of their 8-year-old son, John, who lives with her. Devi is 45 and provides more than half of her son's support. d. Wendell, an 89-year-old single taxpayer, supports his son, who is 67 years old, lives with him and earns no income. e. Wilma, age 65, and Morris, age 66, are married. They file a joint…
Tax form 1040...12a, 12b...how do you compute those numbers 13a, 13b is the child tax credit..is it $3000 for each child and eligible dependent
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…
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…
What form is required?Explain why this is the correct form?
Tax Drill - Child Tax Credit Santiago and Amy are married and file a joint tax return claiming their three children, ages 12, 14, and 18, as dependents. Their AGI is $140,000. Santiago and Amy's child tax credit and dependent tax credit is $
1

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