Determine the amount of the standard deduction for each of the following taxpayers for tax year 2023:Required:a. Christina, who is single.b. Adrian and Carol, who are filing a joint return. Their son is blind.c. Peter and Elizabeth, who are married and file separate tax returns. Elizabeth will itemize her deductions.d. Karen, who earned $1,100 working a part-time job. She can be claimed as a dependent by her parents.e. Rodolfo, who is over 65 and is single.f. Bernard, who is a nonresident alien with U.S. income.g. Manuel, who is 70, and Esther, who is 63 and blind, will file a joint return.h. Herman, who is 75 and a qualifying widower with a dependent child.Note: Leave no cells blank. Enter "0" wherever required.a.b.C.d.e.f.g.h.Standarddeduction

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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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Determine the taxable amount of social security benefits for the following situations. If an amount is zero, enter "$0".a. Erwin and Eleanor are married and file a joint tax return. They have adjusted gross income of $36,000, no tax-exempt interest, and $12,400 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.b. Assume Erwin and Eleanor have adjusted gross income of $12,000, no tax-exempt interest, and $16,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.c. Assume Erwin and Eleanor have adjusted gross income of $85,000, no tax-exempt interest, and $15,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.
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
he Tax Formula for Individuals, Filing Status and Tax Computation, The Standard Deduction (LO 1.3, 1.5, 1.8) Marco and Tatiana are married and file separate returns for 2020. Tatiana itemizes her deductions on her return. Marco's adjusted gross income was $18,000, his itemized deductions were $2,400. Neither have any dependents. Table for the standard deduction Filing Status Standard Deduction Single $12,400 Married, filing jointly 24,800 Married, filing separately 12,400 Head of household 18,650 Qualifying widow(er) 24,800 Click here to access the tax tables. Calculate Marco's income tax liability assuming the couple does not live in a community property state.
Which of the following taxpayers is required to file a 2023 federal income tax return? Mateo (48) and Esperanza (44), married filing jointly, gross income $27, 250. Beth (48), qualifying surviving spouse, gross income $28, 250. Claire (64), single, gross income $12,550. Cody (65), single, gross income $15, 525.
Assuming they all meet the income requirements, which of the following taxpayers qualify for the earned income credit in 2019? a. A married taxpayer who files a separate tax return and has a dependent child b. A single taxpayer who waited on tables for 3 months of the tax year and is claimed as a dependent by her mother c. A single taxpayer who is self-employed and has a dependent child d. a and c above e. None of the above qualify for the earned income credit
What is the qualified business income deduction for the following problem: Note: This problem is for the 2018 tax year. Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2018, 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 123-45-6789. Janice's parents continue to provide health insurance for her under their policy. Janice wants to contribute to the Presidential Election Campaign Fund. During 2018, Janice reported the following income and expense items connected with her business. Income from sale of articles $85,000 Rent 16,500 Utilities 7,900 Supplies 1,800 Insurance 5,000 Travel (including meals of $1,200) 3,500 Janice purchased and placed in service the following fixed assets for her business. Janice wants to elect immediate…
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.
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.
Paola and Isidora are married; file a joint tax return; report modified AGI of $143,480; and have one dependent child, Dante. The couple paid $8,760 of tuition and $15,375 for room and board for Dante ( a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for 2023. Sfill in the blank 1
5 people are possible dependents for Gerald’s tax return, but only 3 qualify. Who are those 3?
Alan, a married taxpayer who lives with his spouse, files his tax return as married filing separately. What base amount applies in connection with determining the taxability of his Social Security benefits? A) $0. B) $16,000. C) $25,000. D) $32,000.
2.

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