During 2021, Jenny, age 14, lives in a household with her father, uncle, and grandmother. The household is maintained by the uncle. Theparties, all of whom file separate returns, have AGI as follows: father ($30,000), uncle ($50,000), and grandmother ($40,000).a. Indicate whether the following individuals are eligible or not eligible to claim Jenny as a dependent.The fatherEligibleThe uncleEligibleThe grandmotherEligibleb. Which of Jenny's relatives takes precedence in claiming her as a dependent? The father

Income Tax- Income Tax refers to the charge which is calculated on the salary of a personal or a…

Answered: During 2021, Jenny, age 14, lives in a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Mark and carried married and they will file a joint breturn the both work full-time and their total income in 2020 is 89000 all from wages.they have one dependent child aubrey [5] during the year the spent 7000 for aubreys child care . Neith mark now carried recieve any dependent care benefit from employer what amouy may the use to calculate the child care credit
c. Scott, age 49, is a surviving spouse. His household includes two unmarried stepsons who qualify as his dependents. He has AGI of $75,000 and itemized deductions of $10,100. AGI Less: Standard deduction Taxable income AGI Less: Standard deduction d. Amelia, age 33, is an abandoned spouse who maintains a household for her three dependent children. She has AGI of $58,000 and itemized deductions of $10,650. Taxable income $75,000 AGI Less: Standard deduction 24,000 X Taxable income 50,600 X $58,000 26,850 X e. Chang, age 42, is divorced but maintains the home in which he and his daughter, Jill, live. Jill is single and qualifies as Chang's dependent. Chang has AGI of $64,000 and itemized deductions of $9,900. 31,150 X $64,000
Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021 for adoption-related expenses. The adoption was finalized in early 2022. Marsha received $3,430 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: What amount of adoption credit, if any, can Niles and Marsha take in 2022? Using the information in part (a), assume that their modified AGI was $243,000 in 2022. What amount of adoption credit is allowed in 2022? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Prev Question 3 of 3 Total3 of 3 Visit question mapThis is the last question in the assignment. To submit, use Alt + S. To access other
Paola and Isidora are married; file a joint tax return; report modified AGI of $125,375; and have one dependent child, Dante. The couple paid $12,210 of tuition and $12,900 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.
None
Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow up
A8
Required information Problem 8-70 (LO 8-4) (Algo) [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8-8. Problem 8-70 Part a (Algo) a. His AGI is $104,000. Amount of child tax credit
Doreen is single and has three dependent children aged 12, 14 and 16. The children are full time students and have no income. Doreen is not entitled to SAPTO. Her income for the 2022 year is as follows:Doreen$60,877 Taxable Income$29,999 RFBA (exempt employer)$ 5,200 RESC$22,344 HELP DebtWhat will Doreen’s compulsory HELP Debt Repayment be for the 2022 year?
Diego, age 28, married Dolores, age 27, in 2021. Their salaries for the year amounted to $48,000. They had dividend income of $2,500. Diego and Dolores' deductions for adjusted gross income amounted to $3,000, their itemized deductions were $16,000, and they have no dependents. Their 2021 EIP was equal to the 2021 RRC. 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 d. What is their tax liability for 2021?
Mr. & Mrs Grnager both work full time. They have three children ages 16, 6, and 3. In 2021, the Grangers' paid $13,750 of qualifying expenses for child care for their two youngest children. For purposes of claiming the Child and dependent Car credit, how much of their qualifying expenses can they consider?
Albert and Avery, ages 66 and 64, respectively, filed a joint return for 2023. They provided all of the support for their 19-year-old son, who is blind and had no gross income. They also provided the total support of Avery's father, who is a citizen and life-long resident of Peru. What is the amount of credit for other dependents that Albert and Avery can claim?

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS