Edgar pays alimony to his former spouse, Frances, in the followingamounts: $150, 000 in year 1 $40, 000 in year 2 $20,000 in year 3 Howmuch, if any, recaptured alimony must be added to Edgar's gross incomein year 3?Group of answer choices032,500112,500150,000

The total earnings or revenue received by a person, company, or other entity before any costs or…

Answered: Edgar pays alimony to his former…

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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Problem 5: Tax Credits Ted and Julia Higgins are married for all of 2022 with an AGI of $175,000 which includes $25,000 of earned income for Ted and $100,000 of earned income for Sophia. Their taxable income is 145,000 and tax liability is $20,000. They have two children, Bryan and Sophia, who meet all of the requirements of a qualifying child for 2022. Bryan is 12 and attends high school full time. The Higgins spend $10,000 during 2022 on child care for Bryan. Sophia is a full-time student in her junior year at UCR. The Higgins spend $6,000 on tuition, books and other course materials for Sophia during 2022. Required: What is the total amount of tax credits that the Higgins’ can report on their tax return?
a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Gross income and AGI b. Assume that Toby and Nancy get married in 2023 and file a joint return. What is their taxable income and income tax? Round your final answer to the nearest whole dollar. Toby Filing Single $ Standard deduction (married, filing jointly) Taxable income Income tax Nancy Filing Single Married Filing Jointly c. How much income tax can Toby and Nancy save if they get married in 2023 and file a joint return?
Problem 2-30 Alimony (LO 2.13) Arlen is required by his 2022 divorce agreement to pay alimony of $2,000 a month and child support of $2,000 a month to his ex-wife Jane. What is the tax treatment of these two payments for Arlen and Jane? Arlen is entitled to a deduction for Jane includes in her income
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36. One year prior to his death, Bobby lends his son $250,000 at a 10% interest rate per year to purchase land. As part of the promissory note, the promissory note will cancel upon Bobby's death. At the time of death no payments were made and Bobby did not seek payment from his son. Assuming this is John's only asset, what is the value of his gross estate? a. $0 b. $25,000 c. $250,000 d. $275,000
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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
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Edgar pays alimony to his former spouse, Frances, in the following amounts: $150, 000 in year 1 $40, 000 in year 2 $20,000 in year 3 How much, if any, recaptured alimony must be added to Edgar's gross income in year 3? Group of answer choices 0 32,500 112,500 150,000