In the current year, Shrek and Princess Fiona are married and file a joint tax return claiming their two children, ages 5 and 7 as dependents. Assuming their AGI is $135,000, Shrek and Fiona's child tax credit is: O $2,000. O $0. O $4,000. O $2,500.
Q: During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended…
A: Answer: Tax on Smith taxable income of $130000 based on tax rates for joint returns…
Q: what amount of child tax credit can they claim?
A: Given information:Presley and Jake are married filing joint taxpayers They have twin sons, ages…
Q: Use the marginal tax rates in the table below to compute the tax owed in the following situation.…
A: Marginal tax rate is the tax rate which is applicable and changed as per each additional changed…
Q: in 2023 lisa and fred a married couple had taxable income of $401,200. if they were to file separate…
A: According to the question given, we need to determine the couple's marriage penalty or…
Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: The personal exemption for the tax year 2020 is $0 So, the taxable income for 2020 = $181,200 -…
Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…
A: Taxes are the amount of dues or liabilities that needs to be paid by individual to government. These…
Q: ne, a married couple filing a joint tax return, had taxable income of $145,000 for 2021. They have…
A: Marginal Tax - The tax rate applied to the subsequent dollar of income is known as the marginal tax…
Q: Use the marginal tax rates in the table below to compute the tax owed in the following situation.…
A: Income Tax: Income tax is a direct tax which is paid by the taxpayer depending on his level of…
Q: Required: a. His AGI is $104,000. b. His AGI is $442,000. c. His AGI is $422,300, and his daughters…
A: Joint tax filing means when both the husband and wife file their tax together. A tax credit means a…
Q: Andrew and Ella are married and file a joint tax return claiming their three children, ages 4, 7,…
A: The Kid Tax Credit went boosted from $2,000 per qualified child to $3,600 for children aged 5 and…
Q: In 2021, Jasmine and Thomas, a married couple, had taxable income of $101,000. If they were to file…
A: To calculate the benefit or penalty we have to calculate the tax liability jointly and seprately.…
Q: In 2022, Jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file…
A: Please see the answer below: calculation of income tax of jasmine & Thomas when they filed…
Q: Mickey and Jenny
A: The investment represents the employment of funds to something from where the company would get some…
Q: lan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: Marginal tax is tax on the additional income earned above the base income and is tax rate of extra…
Q: Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13.…
A: For the 2020 tax year, the child tax credit is $2,000 per qualifying child. The threshold limit for…
Q: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…
A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…
Q: Sandra and Nick, married taxpayers filing a joint return, have $180,000 in taxable income in 2019.…
A: For the 2019 the standard deduction for married filing jointly is $ 24,400.…
Q: n 2023, Santiago and Amy are married and file a joint tax return. They have three dependent…
A: For 2023, the maximum Child Tax Credit per qualifying child is $2,000 for children under 5 years old…
Q: Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment…
A: Investment interest expense refers to the sum value of interest paid regarding a loan by an entity…
Q: J and K are a married couple filing jointly, with two children age 14 and 18. They have adjusted…
A: Answer: The child tax credit = c. $1,100The child tax credit is a refundable tax credit. For 2018…
Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: At first we need to compute the taxable income of Alana and Sara to determine their marginal tax…
Q: Calculate their total tax as well as the child tax credit that they can claim for the 20202020
A: The Child Tax Credit is a tax benefit offered to eligible parents or guardians to help alleviate the…
Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: The objective of this question is to calculate the average tax rate for Alan and Sara Winthrop based…
Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…
A: A child tax credit (CTC) is a tax credit for parents with dependent children given by various…
Q: Paola and Isidora are married; file a joint tax return; report modified AGI of $136,025; and have…
A: To determine the amount of the American Opportunity Credit for 2023, we need to consider the…
Q: Carl and Karina file a joint return. Karina earned a salary of $39,000 and received dividends of…
A:
Q: Paul and Olivia file a joint tax return and reported modified AGI of $142,000. They have two…
A: Child care tax credit is the amount of tax credit that is refundable in nature and this amount can…
Q: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…
A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…
Q: Moe and Pearl are married, file a joint return, and have two dependent children, ages 11 and 13.…
A: AGI = $ 417,000 No.of Children = 2
Q: What is the amount of their tax refund or taxes due?
A: Child tax credit is available $2000 Prepayments of tax to be deducted during calculation of net…
Q: Ariana and John, who file a joint return, have two dependent children, Kai and Angel. Kai is a…
A: To determine the education tax credits available to Ariana and John with two dependent children in…
Q: and Rebecca have AGI of $446,000. They have twin daughters, Ashley and Amy, ages 5. What amount of…
A: There are child tax credit available and can be claimed during the year and tax credit can be…
Q: Bob and Carol file their tax returns using the married filing jointly status. Their 2021 AGI is…
A: Determination of tax breaks for adoption expense Qualified expenses paid personally Paid by…
Q: Jillian and Greg are married and file a joint return. They expect to have $420,000 of taxable income…
A: Requirement aWe have, Taxable income = $420,000Additional deduction, if residence is purchased =…
Q: Jeremiah and Jonnie Chalk are married and have three dependent children, ages 3, 6, and 9. Assume…
A: Dependent & Child Care Credit Requires care for a dependent child (under 13 years) or disabled…
Q: Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with…
A: The whole remuneration from an employer before taxes or other deductions is an individual's gross…
Q: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…
A: Taxable Income:Taxable income refers to the base upon which an income tax system imposes tax.…
Q: Mickey and Jenny Porter file a joint tax return, and they itemize deductions. The Porters incur…
A: ANSWER:- b. The investment interest expense deduction be $2,500 if they also had a $2,000 long-term…
Q: Herb and Carol are married and file a joint tax return claiming their three children, ages 4, 5, and…
A: Solution:- Child tax credit (CTC) applies for child dependants below 17 years of age only. Hence…
Q: Paola and Isidora are married; file a joint tax return; report modified AGI of $143,480; and have…
A: To claim the American Opportunity credit, the student must be pursuing a degree or other recognized…
Q: Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2020 they…
A: The adjusted gross income of a person is equal to their total gross income less specific deductions.…
Q: n 2021, Lisa and Fred, a married couple, had taxable income of $305,200. If they were to file…
A: Taxable income: When one individual earns income from a country then he or she has to pay tax as per…
Q: Randy and Sandy, a married couple with six young children, have a gross income of $160,000,…
A: To calculate Randy and Sandy's taxable income, we need to first determine their adjusted gross…
Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: SOLUTIONCALCULATION-PARTICULARSAMOUNTINCOME 271800LESS - ITEMIZED DEDUCTIONS -28000TAXABLE Income…
Q: Security benefits, no tax-exe benefits are taxable. b. Assume Tyler and Candic
A: Working note:Combined income = $39,800 + $0+ $13,930/2= $46765Taxable benefits = $13,930 × 85% =…
Q: Chris 45 and Alison 46 are marries and they will file a joint return . During the year they earned…
A: Answer are as follows
Q: Exercise 12-18 (Algorithmic) (LO. 4) In 2022, Santiago and Amy are married and file a joint tax…
A: The Child Tax Credit (CTC) and the credit for other dependents (ODC) are two different tax benefits…
Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: The objective of the question is to determine the marginal tax rate for Alan and Sara Winthrop based…
Q: Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two…
A: Marginal Tax Rate: The marginal tax rate is the percentage of new revenue that must be subjected to…
In the current year, Shrek and Princess Fiona are married and file a joint tax return claiming their two children, ages 5 and 7 as dependents. Assuming their AGI is $135,000, Shrek and Fiona's child tax credit is: O $2,000. O $0. O $4,000. O $2,500.
Step by step
Solved in 3 steps
- Kyle and Alyssa paid $1,000 and $4,000 in qualifying expenses for their two daughters Jane and Jill, respectively, to attend the University of the Pacific. Jane is a sophomore and Jill is a freshman. Kyle and Alyssa's AGI is $147,000 and they file a joint return. What is their allowable American opportunity tax credit after the credit phase-out based on AGI is taken into account?Paola and Isadora are married, file a joint tax return, and have one dependent child, Dante. The Shaws report modified AGI of $124,310. The couple paid $6,000 of tuition and $3,660 for room and board for Dante Dante, a full-time first-year student at Serene College and claimed as a dependent by Paola and Isadora. Determine the amount of the Shaws' American Opportunity credit for 2021.David and Lilly Fernandez have determined their tax liability on their joint tax return to be $3,100. They have made prepayments of $2,390 and also have a child tax credit of $2,000. What is the amount of their tax refund or taxes due? Toal tax prepayment child tax credit Tax refund
- Jeremiah and Jonnie Chaulk are married and have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2023. Required: a. Compute their child credit if AGI on their joint return is $90,300. b. Compute their child credit if AGI on their joint return is $464,700. c. Compute their child credit if AGI on their joint return is $198,000, and assume that they also have one non-child dependent who meets the requirements for the child credit. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute their child credit if AGI on their joint return is $90,300. Child CreditVijay and Lina Mehta are married with two dependent children. They paid $7,200 of wages to a nanny to care for their children and $549 employer payroll tax on these wages. The Mehtas file a joint return. Assume the taxable year is 2023. Required: a. Compute their dependent care credit if the children are ages 10 and 15. Vijay's earned income is $75,000 and Lina has no earned income. Their AGI is $81,300. b. Compute their dependent care credit if the children are ages 2 and 6. Vijay's earned income is $45,000 and Lina's earned income is $28,000. Their AGI is $81,300. c. Compute their dependent care credit if the children are ages 2 and 6. Vijay's earned income is $245,000 and Lina's earned income is $280,000. Their AGI is $475,000. Complete this question by entering your answers in the tabs below. Required Required 8 Required C Compute their dependent care credit if the children are ages 10 and 15. Vijay's earned income is $75,000 and Lina has no earned income. Their AGI is $81,300.…The Lees, a family of two adults and two dependent children under age 16, had a gross annual income of $72 comma 000.0072,000.00 for 20202020. Determine their standard deduction and child tax credit amounts, as well as their marginal and average tax rates, assuming their filing status is married filing jointly. Why is their average tax rate lower than their marginal rate?
- Conner and Matsuko paid $1,000 and $2,000, in qualifying expenses for their two sons, Jason and Justin, respectively, to attend Idaho State University. Jason is a sophomore and Justin is a freshman. Conner and Matsuko's AGI is $195,000. What is their allowable American opportunity tax credit? Multiple Choice $0. $3,000. $2,000. $3,700.Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 52,750 33,000 1,700 Addison's self-employment tax was $4,663. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8,870 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable Income Income Tax $ $ $ Amount 85,118 52,618 X 5,903 XAmy and Ethan are married and file a joint return for 2023. Their taxable income is $192,100. The amount of their tax liability, rounded to the nearest dollar, is $________
- Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4,000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3,745 d. $810Trey 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 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8. Required: His AGI is $109,200. His AGI is $433,000. His AGI is $421,400, and his daughters are ages 10 and 12.In 2022, jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file separate tax returns, jasmine would have reported taxable income of $159,099 and Thomas would have reported taxable income of $10,000. -what is the couples marriage benefit?