If the lower income spouse was in prison for the entire year, the higher income spouse would be able to deduct child care costs during this period. True or False
Q: Situation 1) Fiona’s niece is sixteen and has come to the U.S. from Ireland because her parents were…
A: Meaning of Dependent Dependents can be your child, step child or sibling. In this question, the…
Q: With respect to a Qualified Tuition Plan, which of the following statements is incorrect?…
A: The objective of the question is to identify the incorrect statement about a Qualified Tuition Plan…
Q: Which of the following statements regarding deductions for real property taxes is incorrect?…
A: Real property taxes refer to taxes levied on real property, which includes land, buildings, and any…
Q: In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if…
A: “Since you have posted a question with multiple sub-parts, we will provide the solution only to the…
Q: Courtney receives most of her income from wages from her job as a high school teacher. She also…
A: TDS was implemented with the goal of collecting tax from the source of income. According to this…
Q: Which of the following tax credits can not be transferred to a spouse? The age credits The…
A: As per the guidelines, only one question is allowed to be answered. Please resubmit the questions…
Q: During the year, Jim rented his vacation home for 200 days and lived in it for 19 days. During the…
A: When the vacation house is used for a minimum of 15 days for personal use and rented for more than…
Q: Which one of the following statements about the premium tax credit is FALSE? Select the correct…
A: The premium tax credit is a key component of the Affordable Care Act (ACA) aimed at making health…
Q: Jacob is single with no dependents. During 2020, he has $51,500 of taxable income. He also has…
A: Alternative Minimum Tax places a floor on the percentage of taxes that a filer must pay to the…
Q: Which of the following, if any, correctly describes the earned income credit? a. Would be available…
A: The objective of the question is to identify the correct description of the earned income credit and…
Q: 24. Which of the following, if any, correctly describes the earned income credit? a. Would be…
A: EIC is the facility available for certain taxpayers having low or moderate income. For availing EIC,…
Q: What is the total “For AGI” deductions? Paul Turner is single and has two children, Allen and Lee…
A: Alimony deductible refers to the allowances which are allowed for husband or wife by the order of…
Q: to claim in the current taxation year, the full amount of a tuition credit made in that year.…
A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital…
Q: Bertha is considering taking an early retirement offered by her employer. She would receive $3,000…
A: Income tax is the tax which will be levied on the income that has been earned by the individual and…
Q: Margaret's tax return is prepared, but she does non have the money to pay the amount due. She…
A: The Internal Revenue Service (IRS) is delaying the filing deadline for all individual tax returns…
Q: In which of the following situations will the divorced custodial parent be entitled to the…
A: Divorced custodial parent be entitled to the dependency exemption for the child:
Q: Determine the amount of the child tax credit in each of the following cases: B) a single parent…
A: Answer:-In tax law, modified adjusted gross income (MAGI) is used to establish eligibility for…
Q: Higher-income individuals can have up to a maximum of 100% of their Social Security Benefits…
A: Tax- It is the tax that is levied on the incomes earned by individual or entities from various…
Q: For the tax year 2023, what is the earned income threshold at which the Earned Income Tax Credit…
A: The earned income tax credit (EITC) — sometimes shortened to "earned income credit" — is a tax break…
Q: ch of the following statements regarding deductions for home office expenses is true? A.Deductions…
A:
Q: Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children.…
A: Generally speaking, the standard deduction varies from year to year. This is due to the standard…
Q: In 2020, Henry and Eva paid $2,500 of qualified domestic adoption expenses. The adoption did not…
A: A taxpayer who has adopted a child and has self-paid certain expenses for adoption gets qualified…
Q: Evelyn has rental income of $42,500 and passive income of $14,250. She also has $127,500 of losses…
A: Rental loss to be deducted = Passive activity loss allowed + Additional $25,000 (as AGI is less than…
Q: Old Age Security (OAS) differs from the CPP in many ways. Which of the following statements does…
A: Old age security (OAS) and Canada Pension Plan (CPP) both are old age pension plans. CPP is not a…
Q: Which of the following statements concerning the credit for child and dependent care expenses is not…
A: Taxpayers can use the credit for child and dependent care to assist offset the cost of caring for…
Q: Seo-yeon owns a condominium. In each of the following alternative situations, determine whether the…
A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…
Q: Choose the response that accurately completes the following sentence. A taxpayer claiming the…
A: Correct option is 3 i.e. Will receive a refund if the amount of the credit is larger than the tax…
Q: Review the following scenario. Use the information provided to answer questions about the taxpayer’s…
A: GIVEN Evonne Williams (32) is filing as a single taxpayer. Evonne was the beneficiary of one of…
Q: Shelley is a self-employed CPA. In 2020, she had gross revenue of $255,000 and expenses of $40,000…
A: Self employed individuals are required to pay both the employee and employer portion of social…
Q: Hank was transferred from Arizona to North Dakota on March 1 of the current year. He immediately put…
A: Annual General Income(AGI): The Internal Revenue Service (IRS) determines the annual income tax…
Q: imed as a dependent on another person's return, as long as they are under age 27. May have…
A: Premium tax credit refers to the form of refundable tax credit provided the government to provide…
Q: Maribel Gomez is a single taxpayer, SS# 412-34-5670, living at 5037 Circle Court, Crestview, IL…
A: Income tax is based on income. Suppose a person has salary income, capital gain income, house rent…
Q: Which of the following is a true statement with respect to the gross income test for the qualifying…
A: With respect to thee gross income test for the qualifying relative dependency exemption the relative…
Q: A couple applied for a loan to finance the purchase of a new home. What federal act was created to…
A: Introduction:- A loan is the primary option through which one or more individuals, institutions, or…
Q: 2. LO 7.3 Calculate the amount of the child and dependent care credit allowed before any tax…
A: The Child & Dependent Care Credit, provided by the IRS, is a financial relief for taxpayers…
Q: the hernandez seem to receive most of their income from employment rather than investments what…
A: Investment refers to the asset or the item which is acquired with the objective of generating the…
Q: Although Margaret's tax return has been prepared, she is unable to pay the balance owed. She ought
A: The Internal Revenue Service (IRS) is delaying the filing deadline for all individual tax returns…
Q: Cadla has a very complex tax return and it looks like she will not be able to file her tax return by…
A: A tax return is a documentation filed with a tax authority that reports income, expenses, and other…
Q: Choose the response that accurately completes the following sentence. Člaiming the Child and…
A: One of the qualifications to the child dependent care credit is: In the case of married taxpayers,…
Q: Which of the following payments may be considered alimony? A. cash payment B. Child support 500…
A: Alimony refers to financial support provided by one spouse to another after a divorce or separation.…
Q: If a taxpayer works for more than one employer during the year, how much in FUTA taxes is remitted…
A: The objective of the question is to understand how the Federal Unemployment Tax Act (FUTA) taxes are…
Q: Rosina can withdraw from her Registered Retirement Savings Plan (RRSP) with no tax impact but if she…
A: Explanation : Registered Retirement Income Fund (RRIF) is account registered with government that…
Q: Required: a. What is the proper tax treatment of this information on their tax return using the Tax…
A: The Tax Court method, used for rental property with mixed personal and rental use, allocates…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A qualifying individual for the purposes of the child and dependent care expenses credit includes all of the following except: Multiple Choice A dependent under the age of 13. An adult child who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year. A dependent child, age of 17 who attends school full time. A spouse who is incapable of caring for himself/herself, who lived with the taxpayer for at least half of the year.llene rents her second home. During the year, llene reported a net loss of $10,700 from the rental. If llene is an active participant in the rental and her AGI is $142,500, how much of the loss can she deduct against ordinary income in the year? Multiple Choice ___ $10,700. ___ $6,950. ___ $3,750. ___ $0Kk.215.
- Juanita is a single and is self-employed. Juanita owed $1,300 in taxes on her 2019 return andexpects her taxes to be the same for 2020. Which of the following statements is correct?Select one:a. Juanita will not be required to pay estimated tax payments for 2020.b. Juanita will not be subject to self-employment tax.c. Juanita should take out a loan to pay her 2020 taxes when she files the return.d. Juanita should make estimated tax payments to avoid an underpayment penalty.1. Taxpayers who are blind get the benefit of: a.An additional amount added to their standard deduction. b.Two standard deductions. c.An extra exemption. d.None of these choices are correct. 2. An unmarried taxpayer who maintains a household for a dependent child and whose spouse died four years ago should file as: a.Single b.Head of household c.Married, filing separately d.Qualifying widow(er) e.None of these choices are correct. 3. To pay for college, Henry received the following: $1,000 scholarship from the Thespian Club to pay for books $4,000 scholarship from the Elks Lodge for tuition $5,000 worth of room and board as a dorm supervisor through a work-study program How much income must Henry report on his tax return? a.$4,000 b.$0 c.$5,000 d.$6,000 e.$10,000A8
- Child care expenses are generally deductible by the spouse with higher income in a two parents household. Question 5 options: True FalseA taxpayer works for a single employer during the year (TY2018) and discovers that they withheld a total of $1,356 in VPDI. What is the amount of the credit that they can claim for this excess on their State return? (Look at the explanation as much as the answer) $0 - They only had a single employer. $0 - That is below the maximum amount and there is no excess. $0 - VPDI has no upper limit, unlike SDI. $206.33 - This is the excess over the $1,149.67 maximum.Keith has a 2020 tax liability of $2,250 before taking into account his American Opportunity tax credit. He paid $2,600 in qualifying expenses, was a full-time student, was not claimed as a dependent on his parents' return, and his American Opportunity tax credit was not subject to phase-out. What is the amount of his American Opportunity tax credit allowed? a.$2,600 b.$0 c.$2,150 d.$2,250 e.$4,000
- The definition of qualified child for the Child Tax Credit is the same as the General Definition of a Qualified Child EXCEPT FOR, which of the following (more than one may apply) Select one or more: a. A full-time student over the age of 17 but less than 24 is not eligible to be claimed for the Child Tax Credit. b. A qualified child must be under 17 for the Child Tax Credit c. A qualified child cannot be claimed for the Child Tax Credit with only an ITIN (Taxpayer Identification) d. A sister or brother is not eligible for the Child Tax Credit e. A disabled person who is over age 17 is not eligible to be claimed for the Child Tax CreditWhich of the following is a true statement with respect to the gross income test for the qualifying relative dependency exemption? a.The gross income test does not have to be met provided the relative is under age 19 at the end of the tax year. b.The gross income test does not have to be met provided the relative is a student. c.The gross income test does not have to be met provided the relative is under age 24 at the end of the tax year. d.The relative must receive less than $4,200 of gross income in order to qualify. e.All of these choices are correct. Martin, a 50-year-old single taxpayer, paid the full cost of maintaining his dependent mother in a home for the aged for the entire year. What is the amount of Martin's standard deduction for 2019? a.$24,400 b.$19,600 c.$12,200 d.$18,350 e.None of these choices are correct. Which of the following is not a capital asset? a.Stocks b.Land c.Gold d.A personal automobile e.InventorySuzanna earns $4000 in her summertime job; the rest of the year she attends college fulltime. Suzanna may claim an exemption from FIT withholding if: a.she also has a taxable scholarship (used for housing) = $15,000. b.her unearned income (interest) = $1698. c.her aunt claims her as a dependent and she has no unearned income. d.her unearned income (dividends) = $1800.