Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593. Her social security number is 412-34-5670 (date of birth 3/15/1980).Her W-2 contained the following information:$ 48,965.25Social security wagesSocial security W/HWages (box 1)Federal W/H (box 2)(box 3)(box 4) =Medicare wages (box 5) =Medicare W/H (box 6) =$ 5,043.40=$ 48,965.25$ 3,035.85$ 48,965.25$ 710.00She has gambling winnings of $1,050 and the following expenses:State income taxesReal estate property taxesMedical expensesCharitable cash contributions(no single contribution was more than $250)Mortgage interest expensePersonal property taxesGambling lossesRequired:$ 3,2001,1506,4004505,6057201,160Prepare a Form 1040 with a Schedule 1 and Schedule A for Elise using any appropriate worksheets. (Input all the values as positivenumbers. Round your final answers to the nearest whole dollar amount. Instructions can be found on certain cells within theforms.)Use the appropriate Tax Tables.1040 for a Single taxpayer with no dependents.1040 PG 11040 PG 2Schedule 1Schedule A

Elise Dubois' total tax liability for the year is $11,411.45.Explanation:To prepare Elise Dubois'…

Answered: Elise Dubois is single, has no…

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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Ursula is employed by USA Corporation. USA Corporation provides medical and health, disability, and group term life insurance coverage for its employees. Premiums attributable to Ursula were as follows: (Click the icon to view the premiums attributable to Ursula.) During the year, Ursula suffered a heart attack and subsequently died. Before her death, Ursula collected $14,000 as a reimbursement for medical expenses and $5,000 of disability income. Upon her death, Ursula's husband collected the $40,000 face value of the life insurance policy. Read the requirements. Requirement a. What amount can USA Corporation deduct for premiums attributable to Ursula? (Enter a "0" if none of the premiums are deductible.) The premiums attributable to Ursula that USA Corporation can deduct is Data table Medical and health Disability Group term life (face amount is $40,000) S 3,600 300 200 C X
Please explain every step. Thank you
Benny is supported by the people listed below. 19-year-old child 15-year-old child 67-year-old mother In 2021, how many of these dependents will be eligible for the $500 nonrefundable Other Dependents Credit?
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
Ursula is employed by USA Corporation. USA Corporation provides medical and health, disability, and group term life insurance coverage for its employees. Premiums attributable to Ursula were as follows: (Click the icon to view the premiums attributable to Ursula.) During the year, Ursula suffered a heart attack and subsequently died. Before her death, Ursula collected $14,000 as a reimbursement for medical expenses and $5,000 of disability income. Upon her death, Ursula's husband collected the $40,000 face value of the life insurance policy. Read the requirements. C Requirement a. What amount can USA Corporation deduct for premiums attributable to Ursula? (Enter a "0" if none of the premiums are deductible.) The premiums attributable to Ursula that USA Corporation can deduct is Requirement b. How much must Ursula include in income relative to the premiums paid? (Enter a "0" if none of the premiums paid should be included in income.) The amount that Ursula must include in income…
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For purposes of the Child and Dependent Care Credit, all the following are qualified expenses except for which one? a. نن فم b. d. A $700 adult day care expense for a disabled spouse while the taxpayer workers. A $450 childcare expense while the taxpayer obtains emergency medical care. A $500 payment to a grandparent for childcare while the taxpayer is employed. A $350 payment to a day care center while the taxpayer is looking for employment.
M104.
Smithers is a self-employed individual who earns $27,000 per year in self-employment income. Smithers pays $1,850 in annual health insurance premiums (not through an exchange) for his own medical care. In each of the following situations, determine the amount of the deductible health insurance premium for Smithers before any AGI deduction and where the premiums are deductible. Please all parts including a,b,c, and d. The previous expert did nota. Smithers is single and the self-employment income is his only source of income(deductible as for AGI deduction only, deductible as an itemized deduction only. deductible as either a for AGI or itemeized deduction or not deductible)?Amount? b. Smithers is single, but besides being self-employed, Smithers is also employed part time by SF Power Corporation. This year Smithers elected not to participate in SF's health plan.(deductible as for AGI deduction only, deductible as an itemized deduction only. deductible as either a for AGI or itemeized…
Max and Jake file MFJ. Max received $15,424 and Jake received $27,452 in social security benefits. Jake also received taxable income of $22,148 from his pension and $2,378 in interest. Using the Social Security Benefits Worksheet - Line 6a and 6b, determine their combined taxable social security benefits. $0 $7,669 $21,438 $36,445
Max and Jake file MFJ. Max received $15,424 and Jake received $27,452 in social security benefits. Jake also received taxable income of $22,148 from his pension and $2,378 in interest. Using the Social Security Benefits Worksheet - Line 6a and 6b, determine their combined taxable social security benefits. $0 $7,699 $21,438 $36,445
Tim and Martha paid $19,600 in qualified employment-related expenses for their three young children who live with them in their household. Martha received $1,400 of dependent care assistance from her employer, which was properly excluded from gross income. The couple had $156,850 of AGI earned equally. Use Child and Dependent Care Credit AGI schedule. Required: What amount of child and dependent care credit can they claim on their Form 1040? How would your answer differ (if at all) if the couple had AGI of $139,900 that was earned entirely by Martha?

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