Exhibit 3.4 Basic Standard Deduction AmountsFiling StatusSingleMarried, filing jointlySurviving spouseHead of householdMarried, filing separatelyStandard Deduction Amount20222023$12,950$13,85025,90027,70025,90027,70019,40020,80012,95013,850 Compute the 2023 standard deduction for the following taxpayers.If an amount is zero, enter "0".Click here to access the Exhibits 3.4 and 3.5 to use.a. Ellie is 15 and claimed as a dependent by her parents. She has $1,850 in dividendsincome and $3,240 in wages from a part-time job.b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woodyis 69. Their taxable retirement income is $12,430.C.Shonda is age 68 and single. She is claimed by her daughter as a dependent. Herearned income is $180, and her interest income is $470.d. Frazier, age 60, is married but is filing a separate return. His wife itemizes herdeductions.0000

A standard deduction is a fixed amount that the government lets you subtract from your total income…

Answered: Compute the 2023 standard deduction for…

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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Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for 2022.a. $12,550b. $12,950c. $12,400d. $4,300e. Note of these choices are correct. Only typed solution
Avery, an unmarried taxpayer, had the following income items: $ 43,600 3,500 Salary Net income from a rental house Avery has a 4-year-old child who attends a child care center. Assume the taxable year is 2023. Use Individual Tax Rate Schedules and Standard Deduction Table. Required: Compute Avery's child tax credit and dependent care credit. a. Assume Avery paid $1,340 to the child care facility. b. Assume Avery paid $4,830 to the child care facility. Complete this question by entering your answers in the tabs below. Required A Required B Compute Avery's child tax credit and dependent care credit. Assume Avery paid $1,340 to the child care facility. Note: Round your intermediate computations and final answers to the nearest whole dollar amount. Amount Child Credit Dependent Credit $ $ 2,000 600
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Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD). Shauna wanted to determine her taxable income for this year (2021). She correctly calculated her AGI. However, she wasn't sure how to compute the rest of her taxable income. She provided the following information with hopes that you could use it to determine her taxable income. a. Shauna paid $4,688 for medical expenses for care related to a broken ankle. Also, Shauna's boyfriend, Blake, drove Shauna (in her car) a total of 115 miles to the doctor's office so she could receive care for her broken ankle. b. Shauna paid a total of $3,420 in health insurance premiums during the year (not through an exchange). SD did not reimburse any of this expense. Besides the health insurance premiums and the medical expenses for her broken ankle, Shauna had Lasik eye surgery last year and paid $3,020 for the surgery (she received no insurance reimbursement). She also incurred $458 of other medical…
When filing a tax return for a deceased taxpayer, which of the following individuals must use Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer? Barrett's father died on July 25th. Barrett is his sole survivor. His father did not have a will and the court did not appoint a personal representative for his estate. Barrett's father is entitled to a $1,000 refund. Darla's mother died on February 1st. Darla is her sole survivor. Her mother did not have a will, and the court did not appoint a personal representative for her estate. Darla's mother has a balance of $1,000 due to the IRS. Mr. Smith died on May 4th before filing his tax return. On June 3rd of the same year, Mr. Jones was appointed by the court as the personal representative for Mr. Smith's estate, and he files Form 1040 for Mr. Smith. Mr. Smith is due a refund of $200. Mr. and Mrs. Lee were married when Mr. Lee died on January 4th, before filing their joint tax return. Mrs. Lee files the joint return on…
Pat and Jordan Beber are married and file a joint return in 2021. They live at 12345 Hemenway Avenue, Marlborough, MA 01752. Pat is a self-employed tax preparer whose SSN is 412-34-5670. Jordan is a software programmer whose SSN is 412-34-5671. Jordan had the following income and expenses for the year: Jordan's W-2: Gross wages Social security tax Medicare tax Federal withholding tax State withholding tax $ 100,776 6,248 1,461 18,735 4,800 Pat was the sole proprietor of NAMA Tax Service. The business is located at 123 Main Street, Marlborough, MA 01752, and the business code is 541213. Pat had the following revenue and expenses (Cash basis): Revenue Expenses: Advertising Insurance $ 80,000 1,200 3,200 2,400 18,000 Telephone Office rent Utilities Office supplies Depreciation 4,800 5,000 6,041 (must be allocated to She S 1231 assets listed next) Pat had the following business assets: Office furniture: Purchased for $4,950 on May 20, 2019. The equipment is being depreciated over…
Paige had $100,000 of income from wages and $3,650 of taxable interest. Paige also made contributions of $2,300 to a tax-deferred retirement account. Paige has 4 dependents and files as head of household.What is Paige's total income?What is Paige's adjusted gross income?For Paige's filing status, the standard deduction is $18,000. What is Paige's taxable income?
Betty operates a beauty salon as a sole proprietorship. Betty also owns and rents an apartment building. This year Betty had the following income and expenses. You may assume that Betty will owe $2,502 in self-employment tax on her salon income, with $1,251 representing the employer portion of the self-employment tax. You may also assume that her divorce from Rocky was finalized in 2016. Interest income $ 11,255 Salon sales and revenue 86,360 Salaries paid to beauticians 45,250 Beauty salon supplies 23,400 Alimony paid to her ex-husband, Rocky 6,000 Rental revenue from apartment building 31,220 Depreciation on apartment building 12,900 Real estate taxes paid on apartment building 11,100 Real estate taxes paid on personal residence 6,241 Contributions to charity 4,237 b-1. Complete Schedule 1 of Form 1040 for Betty.
Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2021 they have a total of $42,000 in wages and $300 in interest income. Rahul and Ruby's deductions for adjusted gross income amount to $6,000 and their itemized deductions equal $18,700. They have two children, ages 32 and 28, that are married and provide support for themselves. Table for the standard deduction Filing Status Standard Deduction Single $12,550 Married, filing jointly 25,100 Married, filing separately 12,550 Head of household 18,800 Qualifying widow(er) 25,100 a. What is the amount of Rahul and Ruby's adjusted gross income?
Jasmine Dayne (29) is filing as a single taxpayer. In 2020, she received income from the following sources: $39,000 in wages. Alimony payments totaling $14,328. Her divorce was finalized in October 2019. Unemployment compensation of $6,200. Jasmine also made a timely $2,000 contribution to a traditional IRA for 2020.She had no other income or adjustments, and she will claim the standard deduction.To assist you in answering questions about Jasmine’s tax return, you may refer to Part I of Schedule 1, Additional Income and Adjustments to Income, which is shown below.Part I Additional Income1 Taxable refunds, credits, or offsets of state and local income taxes. ________2a Alimony received. _________2b Date of original divorce or separation agreement (see instructions). _________3 Business income or (loss). Attach Schedule C. _________4 Other gains or (losses). Attach Form 4797. ________5 Rental real estate, royalties, partnerships, S corporations, trusts, etc. Attach Schedule E.…
In 2023, Jack, age 12, has interest income of $6,540 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $88,150 and file a joint return. Assume that no parental election is made. Click here to access the 2023 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is 2,200 X 264 X. 264 X.
Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for 2022.a. $12,550b. $12,950c. $12,400d. $4,300e. Note of these choices are correct. Only typed solution

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