If their gross income exceeds $600, and must file a tax return.
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- Which expenses are deductible FOR AGI? Select one: a. Loss on a sale of a personal residence and the standard deduction b. Alimony paid by payor for divorce in 2018 and student loan interest c. Deductions on a sole proprietorship and deductible part of the self-employment tax d. Property taxes on personal residence and student loan interest expenseFor the following taxpayers, determine if they are required to file a tax return in 2023. Problem 8-80 Part a (Algo) a. Ricko, single taxpayer, with gross income of $15,800.For the following taxpayers, determine if they are required to file a tax return in 2022. Required: a. Ricko, single taxpayer, with gross income of $17,300. b. Fantasia, head of household, with gross income of $17,200. c. Ken and Barbie, married taxpayers with no dependents, with gross income of $22,300. d. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $24,200. e. Janyce, single taxpayer, age 73, with gross income of $13,200.
- When determining earnings subject to SE tax, the taxpayer may want to use one of the optional methods whether if they have a small net profit or loss and which of the following conditions applies A. They are eligible to receive the Additional Child Tax Credit B. They can claim a Credit for Dependent or Child Care Expenses C. Taxpayer wants to receive a Credit for Social Security Benefit Coverage D. All of the aboveAssuming 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 creditDetermine your tax liability if you are filing single using the standard deduction of $12,000 and have no adjustments, itemized deductions, or tax credits, and your adjusted gross income is $18,000.
- Use the tax table to determine each of the following values if your adjusted gross income is $20,000. Your tax liability if you are filing single using the standard deduction of $12,500 and have no adjustments, itemized deductions, or tax credits. Your tax liability if you are filing single using the standard deduction of $12,500, have a child tax credit of $500 and no other adjustments, deductions or credits.For purposes of determining income eligibility for the premium tax credit, household AGI is AGI for the taxpayer and spouse AGI for the taxpayer, spouse, and any other household members required to file a tax return AGI for the taxpayer, spouse, and any other household members required to file a tax return plus any tax-exempt income AGI for the taxpayer, spouse, and any other household members required to file a tax return plus any tax-exempt income and untaxed Social Security benefitsWhich of the following is not a deduction for AGI? a. Alimony paid for a divorce finalized in 2018. b. Business rent on a self-employed business. c. Property taxes paid on your primary residence. d. One half of self-employment tax.
