Ciara had $78,000 of income from wages and $2,950 of taxable interest. Ciara also made contributions of $2,100 to a tax-deferred retirement account. Ciara has 4 dependents and files as head of household.

Q: n 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Kiddie tax is applicable when the taxpayer's age is less than 18 years old.  Another condition is…

Q: In 2021, Sheri's only source of income for the year is a salary of $40,025. She is not married and…

A: In the given question, Sheri earned $40,025 as her only income in 2021. She is single and has three…

Q: JUNII and Sahdy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha.…

A: Introduction A tax payer's net tax payable or refund is calculated by first determining gross tax…

Q: Agnes, a resident taxpayer, has a taxable income of $50,000 for the income tax year ended 30 June…

A: PAYG is pay as you go is amount  of tax deducted by employer  at source. After filing income  tax…

Q: Mary is age 33 and a single taxpayer with adjusted gross income for 2020 of $29,400. Mary maintains…

A: Taxable income:-These is that income that is liable for tax payment after providing deductions as…

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: Help Anthony Chavez determine his taxable income based on the following: salary, $49,500; wages,…

A: Taxable IncomeThe Internal Revenue Service (IRS) imposes the federal income tax in the United States…

Q: Sheniqua, a single taxpayer, had taxable income of $79,928. Her employer withheld $12,957 in federal…

A: Income tax liability -Income tax liability is the amount of tax that an individual or entity owes to…

Q: Pat, age 15, is claimed as a dependent on her parents' tax return. This year, Pat earned $2,000 from…

A: Dependent taxable income is the amount of income on which a person reported as a dependent on…

Q: In 2015, Fred and Elizabeth, who are married and filing jointly, received $29,000 in social security…

A: For married and filing jointly taxpayers, the tax slab rate for $36,000 (AGI) is $1,845 + 15% of…

Q: Rebecca Smith has employment income of $100,290. Her employer deducted the following amounts from…

A: In the provided tax scenario for Rebecca, we initially calculated her tax liability based on her…

Q: Herold had $66,500 of income from wages and $1,100 of taxable interest. Herold also made…

A: Introduction Income from wages: Wage income is the total of all earnings earned by a person in a…

Q: Soyala had $62,401 of income from wages and $119 of taxable interest. Soyala also made contributions…

A: Gross income:  Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: Jesse Brimhall is single. In 2022, his itemized deductions were $9,000 before considering any real…

A: First, we need to calculate the total itemized deductions. Jesse's itemized deductions were $9,000…

Q: duela dent is single and had $189,000 in taxable income.  Using the rates from table 2.3 in the…

A: given that,    duela dent is a single filer and her taxable income = $189000 the federal standard…

Q: a. Shauna paid $4,680 for medical expenses for care related to a broken ankle. Also, Shauna's…

A: Taxable income:The income on which the amount of tax is calculated is known as taxable income.…

Q: Alexis had $87,768

A: 1]Taxable Income2015 TaxNot over $9,22510% of the taxable incomeOver $9,225 but not over…

Q: Phan Mai is single with two dependent children under age 17. Phan estimates her wages for the year…

A: The Taxpayers are considered as unmarried sometimes even when they are not separated legally, then…

Q: Jeremy earned $100,500 in salary and $6,250 in interest income during the year. Jeremy’s employer…

A: The Child Tax Credit is a tax benefit allowed to taxpayers for each dependent child. The tax law…

Q: Required information [The following information applies to the questions displayed below.] Jeremy…

A: Tax refund or liability is calculated by applying the current tax rates on the taxable income and…

Q: In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this case 7000 $ is an unearned income,and it exceeded 2200 limit.

Q: Jeremy and Katie are married and filing taxes jointly. Jeremy earned an income of $55,750, including…

A: Itemized Deduction: These are items of certain allowable expenses that are tax-deductible from the…

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Lisa is a member of Bigfoot LLC, which runs a retail business in which she is active. For the…

A: AGI is an alteration of gross income. Gross income is the sum of all the money an individual earns…

Q: Sam had $69,487 of income from wages and $215 of taxable interest. Sam also made contributions of…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: MD is having income of $98,296 from wages and $567 of taxable interest. MD has also mad…

A: Gross Income: It refers to the total amount earned by an individual as compensation before…

Q: Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no…

A: (a) Tax Payer - Emily and Juan (b) Status - Married Filing Jointly (MFJ) (c) Combined Wages = $…

Q: Your uncle has a taxable income of $85,142 last year. If he files as a head of household, what is…

A: As per 2021 tax rates Tax liability if status is head of household = $ 6220 + (85142-54201)*22% = $…

Q: Melody (48) is single, with a modified adjusted gross income of $72,000 (all from wages). She is…

A: For the tax year 2022, for a taxpayer covered under the employer-sponsored retirement plan, the…

Q: deductions of $27300 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their…

A: The IRS warrants every taxpayer to clear their tax dues on time. However, various exemptions and…

Q: Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income:…

A: Kiddie tax is applicable on a dependent child if all the following requirements are met for the…

Q: Matteo (unmarried) files his tax return using head of household filing status. His taxable income is…

A: The  Tax rate Schedule for Head of Household will be as per below Tax rate Taxable income bracket…

Q: Shelley is a self-employed CPA.  In 2020, she had gross revenue of $255,000 and expenses of $40,000…

A: Self employed individuals are required to pay both the employee and employer portion of social…

Q: Lacy is a single taxpayer. In 2021, her taxable income is $42,800. What is her tax liability in each…

A: a) 10% x $9950 + 12% x ( $40525 - $9950) + 22% x ($42800 - $40525) =$995 + $3669 + $500.5 =$5164.5…

Q: LaTosha had $103,500 of income from wages and $3,550 of taxable interest. LaTosha also made…

A: Income tax is calculated on the taxable income which is equal to the total income less all the…

Q: Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD).…

A: Adjusted Gross Income (AGI):  Adjusted gross income is the amount on which the tax liability of the…

Q: a. Margie is 15 and claimed as a dependent by her parents. She has $625 in dividends income and…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: . John, age 26, married Diane, age 25, in 2021. Their salaries for the year amounted to $47,230 and…

A: Particulars Amount $  Amount $ Gross income:     Salary $ 47,230   Interest $ 3,500   Gross…

Q: Jeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's…

A: Required A. Determine Jeremy's tax refund or taxes due. Based at the statistics furnished, right…

Q: Jamie has taxable income of $127,644. She is single and her tax rates are 10% on the first $7,000 of…

A: Tax liability refers to the amount that is charged at some specified percentage by the locals. the…

Q: Beatrice, age 12, is a dependent of her parents. She earned wages of 1500 and had taxable interest…

A: Since Beatrice is a dependent minor, her taxable income would be calculated as per section 1(j)(4)…

Q: Milagros and Joseph are ages 76 and 68, respectively, and file a joint return. They have an AGI of…

A: Under the IRS, there is a special credit extended to elderly and disabled. The credit ranges between…

Q: Patricia, an unmarried taxpayer who is head of household, has adjusted gross income of \$42 ,800 and…

A: Answer: If Patricia elects to participate in the employer provided program and has her expenses…

Q: Jeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's…

A: Taxable income:It is the income of a taxpayer on which the revenue authorities will impose tax. The…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.