Jade is a single mother with two qualifying child dependents, ages 10 and 18, both of whom are claimed on her tax return.She and her children lived in the U.S. for all of 2021, all are U.S. citizens, and all have SSNS that are valid for employment.Which of the following is true about Jade's Child Tax Credit/Other Dependent Credit/Additional Child Tax Credit?Jade's Child Tax Credit and Other Dependent Credit will be fully refundable for 2021.Jade's Child Tax Credit will be fully refundable for 2021 and her Other Dependent Credit will be nonrefundable.If Jade's Child Tax Credit is limited by her tax liability, she will be eligible for the Additional Child Tax Credit.If Jade's Child Tax Credit and Other Dependent Credit are limited by her tax liability, she will be eligible for the Additional Child TaxCredit.Mark for follow up

Achild tax credit is a credit which is given by the government to the parents of the child. The…

Answered: Jade is a single mother with two…

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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Similar questions

Benjamin is a taxpayer who qualifies because he has the following dependents: 17-year-old child 15-year-old child 67-year-old mother What is the max number of the child tax credit that Benjamin will receive in 2021?
Calculate Total Assessable Income, Taxable Income, Tax Liability, Student loan (HECS), Medicare Levy, and Medicare Levy Surcharge if applicable, for the taxpayer (Susanne) with the information below: Susanne is a single and an Australian resident plans to lodge a tax return for the tax year 2020 - 2021. Her total taxable income is $90,000 (Including tax withheld). She does not have private health insurance. Susanne has a student loan HECS outstanding for her previous study at Sydney University of $53,000. Her employer pays superannuation guarantee charge of 9.5% on top of her salary to her nominated fund. Susanne earned a passive income of $10,000 from the investments in shares in the same tax year.
All of the following nondependent taxpayers are U.S. citizens. Which is/are required to file a 2023 income tax return? -Calvin (40), qualifying surviving spouse (QSS), $26,100 gross income. -Jen (68), single (S), $15,000 gross income, all from wages. -Sheldon (67) and Ruby (61), married filing jointly (MFJ), $28,500 gross income. -Zachery (38), head of household (HOH), $21,350 gross income. Choose One
In 2018, Audrey claimed $2,100 on her Federal tax return for her Child and Dependent Care Expenses Credit. Her Federal adjusted gross income (AGI) was $32,750 and she meets all other requirements. What amount can she claim for the California Child and Dependent Care Expenses (CDC) Credit? A. $0B. $700C. $1,050D. $1,400
Abel and Loni adopted a boy (a U.S. citizen) during the current tax year and incurred a total of $16,425 in qualified adoption expenses. Abel and Loni have modified AGI of $227,500. What is the amount of adoption credit they can take?
Chuck, a single taxpayer, earns $77,200 in taxable income and $12,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate 53.58% 30.56 %
Jorge and Anita, married taxpayers, earn $150,500 in taxable income and $40,500 in interest from an Investment in City of Heflin bonds. (Use the U.S. tax rate schedule for married filing jointly). Required: a. If Jorge and Anita earn an additional $100,500 of taxable income, what is their marginal tax rate on this income? b. What is their marginal rate if, instead, they report an additional $100,500 in deductions? (For all requirements, do not round Intermediate calculations. Round your answers to 2 decimal places.) a. Marginal tax rate b. Marginal tax rate % %
Mary(58) comes into your office to have her tax return prepared. She states that she wants to use the head of household filing status and claim the Earned Income Tax Credit (EITC). She also tells you that her dependent child is her granddaughter, Julie (12), who currently lives with her. You as a paid tax preparer, all of the following are appropriate questions to ask or actions to take EXCEPT: 1). Ask Mary how long Julie has lived with her and inquire into the whereabouts of Julie's parents. 2). Ask Mary who paid most of the expenses of maintaining her home. 3). Inform Mary that she must show you documentation proving Julie lived with her before you can prepare the return. 4) Inquire as to whether anyone else can possibly claim Julie as a dependent.
Chuck, a single taxpayer, earns $78,800 in taxable income and $14,400 in interest from an investment in City of Heflin bonds. (Use the U.S. tax rate schedule.) Required: a. If Chuck earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? b. What is his marginal rate if, instead, he had $40,000 of additional deductions? Note: For all requirements, do not round intermediate calculations. Round percentage answers to 2 decimal places. a. Marginal tax rate b. Marginal tax rate % %
Mikki is currently in a high-income tax bracket. She would prefer to own an inventment that generates tax-free income. If Mikki buys a municipal bond issued by a state other than her own, the interest she earns will be: taxable at the federal level but tax-free at the state level. tax-free at the federal level. considered a divident and taxed at a miinimum rate of 10% at the federal level. taxable at both the state and federal level.
Considering the information below, calculate Mary tax liability (including Medicare Levy and Medicare Levy Surcharge, if applicable, and ignore any tax offsets such as LITO and LMITO): Mary is a single non-tax resident (foreign resident) of Australia in the tax year 2018-2019 and has no private health insuranceAssessable income for the year is of $95,000Total deductions for the year are $25,000
Timothy (40) and Tina (42) are California residents. Todd (age 10) and Ted (age 7) are their two dependent children (age 17). Tim and Tina also help Tim's brother, Bob. For tax reasons, Bob is Tim and Tina's dependant (qualifying relative). What is Tim and Tina's child tax credit (including additional dependent tax credit) for 2020? Assume Tim and Tina's AGI in 2020 is less than the phaseout level for the child tax credit. I gave two different answers of $4000 and $4500, but both were erroneous.

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