d. Smithers is self-employed and is also married. Smithers's spouse, Samantha, is employed full time by SF Power Corporation a covered by SF's health plan. Smithers elected not to participate in SF's health plan.
Q: Mason works as Project manager in Melbourne CBD. His Taxable income for the year was $130,000. He…
A: As per Australian Taxation, residents and non-residents are treated differently when it comes to…
Q: Juan, who is single, is a self-employed carpenter as well as an e His self-employment net income is…
A: Self Employment Tax The federal government collects taxes from self-employed workers and small…
Q: Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD).…
A: Income Tax and Tax Rate: The term "income tax" refers to the category of tax that the government…
Q: Darrell (46) is unmarried. His mother, Marlene (81), lives in a nursing home. Darrell pays the…
A: Filing status is defined as the kind of tax return from the taxpayer would use when filing the…
Q: Shawn (53) is unmarried, his two daughters, April (22) and May(19), and his granddaughter Ana lived…
A: Answer: Concept Shawn is unmarried and is earning income to contribute expenses $11700 in maintain…
Q: To start a business of his own, Mr. dela Rea opted for an early retirement from Plaridel…
A: Taxable income:The taxable income is the amount of income on which IRS imposes tax.Income tax…
Q: Marsha is 23 years old and single. She cannot be claimed as a dependent by another taxpayer. •…
A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…
Q: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2021,…
A: INTRODUCTION: Tax credits are sums of money that taxpayers can deduct directly from their taxes. Tax…
Q: Ajit and Preena are married. Ajit is 63 years old; Preena is 60 years old. Ajit retired earlier this…
A: The pension income splitting provisions allow a Canadian-resident individual receiving eligible…
Q: Junie, an employee, has two (2) health insurances provided under his employment contract: (1)…
A: Insurance is a means of protection from financial loss. It is a form of risk management, primarily…
Q: James and Esther Johnson are husband and wife and file a joint return. They live at 45678 S.W. 112th…
A: Solution: As per given - James and Esther Johnson are husband and wife and file a joint return. They…
Q: D) I and II
A: The correct option is D)I and II statements I and II correctly identify advantages or disadvantages…
Q: The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as…
A: According to the Internal Revenue Service (IRS), a dependant is either a qualifying child who is…
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: Jane Smith, age 40, is single and has no dependents. She is employed as a legalsecretary by Legal…
A: Federal tax laws: “Federal tax laws reflect the three branches of the federal government. It is a…
Q: .Compute Devon’s lowest net tax payable or refund due for 2018 assuming that he makes any available…
A:
Q: Prepare Barbara’s Form 1040 tax return for 2020. Schedules 1 and 2 are required. You should also…
A: Tax can be defined as the charge levied by the government of the country based upon the incomes or…
Q: Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593.…
A: Elise Dubois' total tax liability for the year is $11,411.45.Explanation:To prepare Elise Dubois'…
Q: Janice Morgan, age 24, is single and has no dependents. Janice works as an employee from Worldwide…
A: Income tax: Tax return is a form for filing the income tax return with a tax authority. The tax…
Q: The Samsons are trying to determine whether they can claim their 22-year-old adopted son, Jason, as…
A: Taxable income means adjusted gross income less all deductions. Income may be salary, bonus,…
Q: the family home and both children of the marriage live with him. His daughter is 23-year-old and has…
A: The answer has been mentioned below.
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: s. Yank was seriously injured in a traffic accident caused by another driver’s negligence. This…
A: Given Adjusted gross income (AGI) Taxable income Mrs. Yank's regular income tax AMT Mrs.…
Q: Krishna is 56 years old; he has contributed to the CPP without interruption for over 30 years. While…
A: Introduction: CPP: The current purchasing power (CPP) approach converts the importance of the…
Q: Harry and Carrie Franklin are married and choose to file Married Filing Jointly on their 2020 tax…
A: Eligible educators can subtract up to $250 in eligible expenditures from their wages under the…
Q: Olivia is an unmarried attorney. Her friend Lana has fallen on hard times since she lost her job.…
A: Tax refers to the amount charged by the government from the individual and organization on the…
Q: Kiara (31) is married. However, she and her two children, Xavier (3) and Shandra (5), moved back in…
A: Answer: Given Kiara is married but not divorced till 2020 She has two children who are dependent…
Q: François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to…
A: The first part of the question is asking whether François should also assess the financial impact…
Q: Lewis, age 26, and Oneida, age 25, are married and will file a joint return. They cannot be claimed…
A: Please fallow the answer below: 3) True Detailed explanation for the above solution : If certain…
Q: Jermaine Watson is a single father with a son, Jamal, who qualifies as a dependent. They live at…
A: Gross income: Gross income is the sum of all forms of income of the taxpayer before claiming any…
Q: . Clem is married and is a skilled carpenter. Clem's wife, Wanda, works part time as a substitute…
A: Adjusted Gross Income -When certain income adjustments are deducted from your annual gross income,…
Q: Max, age 28, is insured under an individual medical expense policy that is part of a preferred…
A: Insurance expense:Insurance expense is the cost made by an individual or organisation in obtaining…
Q: ohn Smith, age 31, is single and has no dependents. At the beginning of 2014, John started his own…
A: Deduction: A deduction is an expense that can be subtracted from an individual or married couple's…
Q: Jason, 39 and single, helps support his mother Maria and his girlfriend Layla, both of whom are U.S.…
A: Important information from the question: Jason, 39 and single, helps support his mother Maria and…
Q: Paul, age 40 and single, has an 8-year-old son, Larry. Larry resides with his mother, Susan, in her…
A: Answer:- Standard deduction:- Standard deduction is that portion of income which is not subject to…
Q: avid R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk…
A:
Q: Tony and Nancy are married. Both are under age 55. For all of 2022, Tony has self-only coverage…
A: Qualifying for an HSA Contribution To be an eligible individual and qualify for an HSA contribution,…
Q: Daniel is a father of four and work as a pilot with an airline industry. He was told that he is…
A: The question is based on the concept of Financial analysis.
Q: Juanita is the owner of a 30-year-old home, and is looking to buy a homeowner’s insurance policy.…
A: Homeowner's insurance is a crucial financial safeguard for individuals like Juanita who own…
Q: Darrell (46) is unmarried. His mother, Marlene (81), lives in a nursing home. Darrell pays the…
A: The filing status of an individuals is affected by the marital status and nature of income and…
Step by step
Solved in 3 steps
- Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0. 1, What is Wade's correct and most favorable 2019 filing status? 2. Does Wade meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer. Wade is eligible to claim the Child Tax Credit/Additional Child Tax Credit. Wade is eligible to claim the Other Dependent Credit. Wade is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit. 3. Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents…Wade (49) and Colleen (50) are married. They have two children, Jacob (20) and Lucella (15), who both lived with their parents all year. Jacob is not a student, but he has a part-time job. Lucella is still in high school. Wade and Colleen provide more than 50% support for both children. Wade's wages were $27,500; Colleen's wages were $17,900; Jacob's gross income was $5,100; Lucella's was $0. Question 25 of 50. What is Wade's correct and most favorable 2019 filing status? O single. Married filing jointly. O Married filing separately. O Head of household. O Qualifying widow(er). O Mark for follow up Question 26 of 50. Does Wade meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer. O Wade is eligible to claim the Child Tax Credit/Additional Child Tax Credit. O Wade is eligible to claim the Other Dependent Credit. O wade is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the…In June 2023, Enrique and Denisse Espinosa traveled to Denver to attend a three-day conference sponsored by the American Society of Implant Dentistry. Denisse, a self-employed practicing oral surgeon, participated in scheduled technical sessions dealing with the latest developments in surgical procedures. On two days, Enrique attended group meetings where various aspects of family tax planning were discussed. On the other day, he went sightseeing. Enrique does not work for his wife, but he prepares their tax returns and handles the family investments. Expenses incurred in connection with the conference are summarized below. Airfare (two tickets) $2,200 Lodging (single and double occupancy are the same rate-$295 each day) 885 750 500 305 Meals at local restaurants ($250 x 3 days)* Conference registration fee (includes $120 for Family Tax Planning sessions) Car rental *Split equally between Enrique and Denisse Espinosa. If an amount is zero, enter "0". If required, round your interim…
- Ashley Panda lives at 1310 Meadow Lane, Wayne, OH 43466, and her Social Security number is 123-45-6777. Ashley is single and has a 20-year-old son, Bill. His Social Security number is 111-11-1112. Bill lives with Ashley, and she fully supports him. Bill spent 2019 traveling in Europe and was not a college student. He had gross income of $4,655 in 2019. Bill paid $4,000 of lodging expenses that Ashley reimbursed after they were fully documented. Ashley paid the $4,000 to Bill using a check from her sole proprietorship. That amount is not included in the items listed below. Ashley had substantial health problems during 2019, and many of her expenses were not reimbursed by her health insurance. Ashley owns Panda Enterprises, LLC (98-7654321), a data processing service that she reports as a sole proprietorship. Her business is located at 456 Hill Street, Wayne, OH 43466. The business activity code is 514210. Her 2019 Form 1040, Schedule C for Panda Enterprises shows revenues of $315,000,…Isis quit her job at A Corp. While at A Corp., Isis was enrolled in their group health insurance plan. Now, Isis works for C Corp., which also has a group insurance plan. According to the Health Insurance Portability and Accountability Act, C Corp. must ______. a. pay A Corp. so that Isis can maintain her health insurance through A Corp b. wait to enroll Isis in C Corp.'s plan until she has been employed with the company for 1 year c. reimburse Isis for any out-of-pocket expenses she incurred while unemployed d. allow her to participate in the company group health insurance planJane Smith, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the campus of Florida Atlantic University at 1986 Campus Drive, Boca Raton, FL 33434. Jane is a material participant in the business. She is a cash basis taxpayer. Jane lives at 2020 Oakcrest Road, Boca Raton, FL 33431. Jane’s Social Security num-ber is 123-45-6781. Jane indicates that she wants to designate $3 to the Presidential Election Campaign Fund. Jane has never owned or used any virtual currency. During 2019, Jane had the following income and expense items: a. $100,000 salary from Legal Services, Inc. b. $20,000 gross receipts from her typing services business. c. $700 interest income from Third National Bank. d. $1,000 Christmas bonus from Legal Services, Inc. e. $60,000 life insurance proceeds on the death of her sister. f. $5,000 check given to her by her wealthy aunt. g. $100 won in a bingo game. h. Expenses…
- François, an insurance agent with Safe Life Insurance Co., meets with Thomas and Annie Fortin to assess their life insurance needs. The Fortins are a single-income family with two children: a two-year- old and a four-year-old. Annie, the sole income earner, is an anesthetist with a hectic and unpredictable work schedule at the hospital Thomas is the primary caregiver and stay-at-home parent. He does not earn an income. Annie's income is sufficient to cover the family's savings and expenses. During the meeting, François gathers relevant information to assess the loss of income that would result from Annie's death. Should François also assess the financial impact that would result from Thomas's death? Select one correct answer from the list 1. Yes, Thomas's sense of self-worth would suffer if he was not included in the analysis Yes, Thomas' death may have a financial impact on Annie's ability to keep earning a sufficient income. No, Annie's income already covers the family's savings and…• Jeff, age 68 and Claire, age 63 elect to file Married Filing Jointly. Neither taxpayer is blind. • Jeff is retired. He received Social Security benefits and a pension. • Jeff and Claire's daughter Shelby, age 19, is a full-time college student in her second year of study. She is pursuing a degree in foreign studies and does not have a felony drug conviction. She received a Form 1098-T for 2022. Box 7 was not checked on her Form 1098-T for the previous tax year. • Shelby spent the summer at home with her parents but lived in an apartment near campus during the school year. • Shelby received a scholarship and the terms require that it be used to pay tuition. Jeff and Claire paid the cost of Shelby’s tuition and course-related books in 2022 not covered by scholarship. They paid $120 for a parking sticker, $5,500 for a meal plan, $750 for textbooks purchased at the college bookstore, and $100 for access to an online textbook. • Jeff and Claire…Lewis, age 26, and Oneida, age 25, are married and will file a joint return. They cannot be claimed as dependents by another taxpayer. Lewis and Oneida have no children or other dependents. Both work and neither are full-time students. Lewis earned wages of $15,400 and Oneida earned wages of $5,600. Lewis and Oneida are U.S. citizens and have valid Social Security numbers. Lewis and Oneida have investment income of $5,000. 4. The maximum amount of investment income that Lewis and Oneida can have to qualify for the Earned Income Tax Credit is $ ____________.
- Antwon is 21 and currently goes to college. His parents both work at high paying jobs and have health insurance through their employer. What would be Antwon's best resource for health insurance? Get Medicaid coverage. Continue on his parents' policy. Go without insurance until he gets a job. Get Medicare coveragSerena is a 38-year-old single taxpayer. She operates a small business on the side as a sole proprietor. Her 2020 Schedule C reports net profits of $15,000. Her employer does not offer health insurance. Serena pays health insurance premiums of $7,800 in 2020. Serena also pays long-term care insurance premiums of $600 in 2020. Calculate Serena's self-employed health care deduction. Karen, 28 years old and a single taxpayer, has a salary of $33,000 and rental income of $33,000 for the 2020 calendar tax year. Karen is covered by a pension through her employer. AGI phase-out range for traditional IRA contributions for a single taxpayer who is an active plan participant is $65,000 – $75,000. What is the maximum amount that Karen may deduct for contributions to her traditional IRA for 2020? Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retirement plan at work, but Phil is not. Assuming Phil's wages were $27,000 and Linda's wages…45. Sandra and Bill, both 78, are Texas residents. Sandra participates in the state's Long- Term Care Partnership program; Bill, her neighbor, does not. Both are found eligible for Medicaid payment of their LTC services. Which of the following can Sandra do that Bill cannot? (Search Chapter 11) a. transfer designated resources to another individual without penalty ob. avoid having any of her monthly income applied to the cost of her LTC services OC. avoid Medicaid eligibility redetermination and reverification after initial eligibility od. designate her home as a protected countable asset