Determine the amount of the child tax credit in each of the following cases:Answer is complete but not entirely correct.Child TaxCreditAlloweda. A single parent with modified AGI of $214,700 and one child age 4.$1,250b. A single parent with modified AGI of $79,300 and three children ages 7, 9, and 12.$6,000 ×c. A married couple, filing jointly, with modified AGI of $409,233 and two children age 14 and 16.d. A married couple, filing jointly, with modified AGI of $133,355 and one child, age 13.$3,538$2,000

Answer:- In tax law, modified adjusted gross income (MAGI) is used to establish eligibility for…

Answered: Determine the amount of the child tax…

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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As a tax return preparer for The Fernando Rodriguez Tax & Accounting Service, you have been asked to calculate the missing information for one of the firm's tax clients. The following table gives the standard deduction for various filing statuses. Standard Deductions Single or married filing separately $12,000 Married filing jointly or surviving spouse $24,000 Head of household $18,000 65 or older and/or blindand/or someone else canclaim you (or your spouseif filing jointly) as a dependent: Varies(See www.irs.gov for information.) Using the standard deduction table above, complete the following table (in $). Name Filing Status Income Adjustments toIncome Adjusted GrossIncome StandardDeduction ItemizedDeductions TaxableIncome Lerner married filingjointly $ $1,366 $47,378 $ $5,329 $
A married couple made the following tax payments in 2020. Property tax on real estate $7,000State sales tax paid $1,500Sales tax on automobile purchase $1,000State income tax paid $4,000Federal income tax paid $15,000 If the couple filed as married filing jointly, what is their tax expense deduction for 2020? Show your work supporting your calculation.
Determine the amount of the child tax credit in each of the following cases: a. A single parent with modified AGI of $215,300 and one child age 4. b. A single parent with modified AGI of $79,900 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,833 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,955 and one child, age 13. Child Tax Credit Allowed
Question 3: Record the following transactions in the Journal and post them into ledger and prepare a Trail Balance Oct 1st 3rd 4th sajad started business with a capital of 80,000 Bought goods from Karl on credit 20,000 Sold goods to Tarl 25,000 Cash purchases 25,000 Cash sales 15,000 Goods retuned to Karl 2,000 Bought furniture for 15,000 Cash paid to Karl 12,000 Goods returned by Tarl 3,000 Goods taken by Neel for personal use 3,000 Cash received from Tarl 12,000 Took loan from Parl 30,000 Salary paid 5,000 Bought stationery for 1,000 Amount paid to Parl on loan account 18,000 Interest received 4,000 5th 7th 9th 10th 11th 12th 14th 15th 16th 17th 18th 19th 20th
Taxpayers are allowed two tax breaks for adoption expenses. They are allowed: Qualified Expenses Paid personally Paid by employer a. Exclusion Exclusion Exclusion Credit Oc. Credit Exclusion Od. Credit Credit
3. When a taxpayer's income increases by $2,500 and the taxes owed increase from $13,899 to $14,399, the marginal tax rate is percent. Taxpayer takes the standard deduction, and her tax return includes an Education Credit of $250.
In 2018, Audrey claimed $2,100 on her Federal tax return for her Child and Dependent Care Expenses Credit. Her Federal adjusted gross income (AGI) was $32,750 and she meets all other requirements. What amount can she claim for the California Child and Dependent Care Expenses (CDC) Credit? A. $0B. $700C. $1,050D. $1,400
Which of the following taxpayers does not have to file a tax return for 2018? a.A single taxpayer who is under age 65, with income of $13,500. b.Married taxpayers (ages 45 and 50 years), filing jointly, with income of $26,000. c.A student, age 22, with unearned income of $2,500 who is claimed as a dependent by her parents. d.A qualifying widow (age 67) with a dependent child and income of $18,800. e.All of these choices are correct.
Haresh
L. A. and Paula file as married taxpayers. In August of this year, they received a $5,200 refund of state income taxes that they paid last year. How much of the refund, if any, must L. A. and Paula include in gross income under the following independent scenarios? Assume the standard deduction last year was $25,100. Note: Leave no answer blank. Enter zero if applicable. Required: a. Last year L. A. and Paula had itemized deductions of $19,200, and they chose to claim the standard deduction. b. Last year L. A. and Paula claimed itemized deductions of $31,400. Their itemized deductions included state income taxes paid of $7,500 and no other state or local taxes. c. Last year L. A. and Paula claimed itemized deductions of $27,600. Their itemized deductions included state income taxes paid of $10,500, which were limited to $10,000 due to the cap on state and local tax deductions.
Determine the amount of the child tax credit in each of the following cases: > Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,600 and one child age 4. b. A single parent with modified AGI of $79,200 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,133 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,255 and one child, age 13. Child Tax Credit Allowed $ $ $ $ 1,250 ✓✔ 9,600 X 3,544 x 3,000
akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false Which of the following statements is correct? Oa. The highest AMT rate for married individuals filing jointly is 26%. Ob. The AMT exemption amount decreases as AMTI increases. Oc. The highest AMT rate for individuals is 26%. Od. If the tentative minimum tax exceeds the regular tax liability, AMT is $0.

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