Corporal Liana Jackson is domiciled in Virginia. In 2022, she was stationed in California all year on permanent change of station orders. She earned $55,000 in military pay and $16,000 from a part-time job at the San Diego Zoo Safari Park. Which California tax forms will she file? Form 540 and Schedule CA (540). Form 540NR and Schedule CA (540). Form 540NR and Schedule CA (540NR). None.

Corporal Liana Jackson is domiciled in Virginia. In 2022, she was stationed in California all year on permanent change of station orders. She earned $55,000 in military pay and $16,000 from a part-time job at the San Diego Zoo Safari Park. Which California tax forms will she file? Form 540 and Schedule CA (540). Form 540NR and Schedule CA (540). Form 540NR and Schedule CA (540NR). None.

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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In 2023, Elaine paid $2,120 of tuition and $1,300 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? Note: Leave no answer blank. Enter zero if applicable. a. Elaine's AGI is $104, 250. b. Elaine's AGI is $173,500.
(Federal Taxation, Individual Income Taxes) Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2019, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her business Writers Anonymous. Janice is a cash basis taxpayer. She lives at 132 Stone Avenue, Pleasant Hill, NM 88135. Her Social Security number is 123-45-6782. Janice's parents continue to provide health insurance for her under their policy. Janice did not engage in any virtual currency transactions during the year and wants to contribute to the Presidential Election Campaign Fund. During 2019, Janice reported the following income and expense items connected with her business. Income from sale of articles $85,000 Rent 16,500 Utilities…
Paige is a commissioned Navy officer and a lifelong Oregon resident. In 2021, she earned $8,400 in nontaxable combat pay while stationed overseas in a combat zone. She earned an additional $9,800 while stationed in South Korea. In May, she was transferred back to Oregon where she earned $29,000. Paige included $38,800 of her military pay in her federal AGI. How much is Paige's military pay subtraction on her Oregon return? $9,800 $15,800 $18,200 $38,800
Mr. Victor, Age 66, retired in 2022. He is single. Prior to retiring, Mr. Victor received a $5,000 bonus plus $8,400 in wages. After he retired, he received $12,000 in Social Security benefits. Does Mr. Victor have to file a 2022 income tax return? Why or why not? Yes. Victor is required to file because he made in excess of $5,000 which is the required filing threshold. O Yes, Victor must file because he received earned income. No. Victor's does not have to file because his gross income is less than the standard deduction. O No. Victor does not have to file because he is over age 65 and retired and you are not required to file.
You are getting ready to prepare a 2022 tax return for your clients Moose and Suzie Okie and are doing some initial calculations. Moose and Suzie have two children, Arva (age 12) and Ralph (age 9). They have provided you with the following information regarding 2022 relevant activities: Moose received a Form W-2 for $60,000 which showed his federal income tax withheld amount was $7,000. Suzie has a residential rental property (cost basis $270,000) which was rented for the whole year for $2,000 per month. Property taxes on the residential rental property: $3,700 and property insurance: $1,785. Suzie spent $500 fixing the sprinklings system and $5,000 for a new roof after a hailstorm. Moose got lucky and won $4,000 gambling on a trip to Las Vegas. Suzie sold her old car for $4,000. She had originally paid $8,000 for it. She also sold a parcel of land for $7,500 on March 7, 2022. She purchased it on January 5th of 2000 for $5,000. What is the rental net income?
Brisa has not yet filed her 2022 personal income tax returns. She is quite upset at how much money she will owe in taxes and is dreading to prepare them. As a lawyer, she worked extremely hard in 2022 and on January 1, 2023, she became a partner in the law firm where she worked. In 2022, she earned a gross annual salary of $230,000, and as she was on the partner track, she also received a bonus in December 2022 of $35,000. As Brisa is in the top marginal tax bracket, how much of her bonus will she pay in taxes in 2022? Taxable income and tax brackets 2022 Taxable Income Income first $46,295 27.53% over $46,295 up to $50, 197 32.53% over $50, 197 up to $92,580 37.12% over $92, 580 up to $ 100, 392 41.12% over $100, 392 up to $112,655 45.71% over $112, 655 up to $155, 625 47.46% over $155,625 up to $221,708 50.23% over $221,708 53.31% Select one: a. $18, 659 b. $19,764 c. $14,753 d. $16, 342 e. $15, 535
In 2022, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? Required: Elaine's AGI is $80,000. Elaine's AGI is $168,000. Elaine's AGI is $184,000.
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! Required information [The following information applies to the questions displayed below.] In 2021, Elaine paid $2,800 of tuition and $600 for books for her dependent son to attend State University this past fall as a freshman. Elaine files a joint return with her husband. What is the maximum American opportunity tax credit that Elaine can claim for the tuition payment and books in each of the following alternative situations? (Leave no answer blank. Enter zero if applicable.) a. Elaine's AGI is $80,000. American opportunity tax credit
Jack and his wife move from Maryland to the state of New York. After the move, Jack works in Connecticut and his wife works in New York City. There are no reciprocal agreements between any of the states. For the year of the move, what should they do with their state tax return(s)? a.) They should file part-year resident returns for Maryland and New York. The New York return would include income earned in Connecticut. b.) They should file part-year resident returns with Maryland and New York and a nonresident with Connecticut. c.) They should split the federal adjustment for unreimbursed moving expenses between the Maryland and New York returns d.) They should claim a credit for taxes paid to a nonresident state, split between the Maryland and New York returns