**Scenario:**Joaquin (31) is not married. He shared his home all year with his girlfriend, Monica (25), and Monica's son, Henry (3). Henry is not related to Joaquin. Joaquin provided more than half the cost of maintaining the home, and he provided more than 50% support for Monica and Henry. Joaquin's wages were $26,575; Monica's gross income was $4,100. Henry’s was $0.---**Question 22 of 50:***What is Joaquin’s correct and most favorable 2019 filing status?*- Single.- Married filing jointly.- Married filing separately.- Head of household.- Qualifying widow(er).[ ] Mark for follow-up---**Question 23 of 50:***Does Joaquin meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer.*- Joaquin is eligible to claim the Child Tax Credit/Additional Child Tax Credit.- Joaquin is eligible to claim the Other Dependent Credit.- Joaquin is not eligible to claim the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit.[ ] Mark for follow-up---**Question 24 of 50:***Is Joaquin eligible to claim and receive the Earned Income Tax Credit?*- Yes.- No.[ ] Mark for follow-up---

Tax Filing Status option: Head of household Unmarried people paying at least half the cost of housing and support for others. Married filing separately Married high earners, people who think their spouses may be hiding income or people whose spouses have tax liability issues. Married filing jointly Most married couples. Qualified widow or widower People who lost a spouse recently and are supporting a child at home. Single Unmarried people who don’t qualify for another filing status.1. What is Joaquin's correct and most favorable 2019 filling status? Answer: Head of the household. 2. Does Joaquin meet the qualifications for claiming the child tax credit/additional child tax credit or the other dependent credit? Answer: Joaquin is eligible to claim the other dependent credit. 3. Is Joaquin is eligible to claim and receive the earned income tax credit? Answer: Yes

Business

Accounting

Joaquin (31) is not married. He shared his home all year with his girtriend, Monica (25), and Monica's son, Henry (3). Henry is not related to Joaquin Joaquin provided more than haif the cost of maintaining the home, and he provided more than 50% support for Monica and Henry. Joaquin's wages were $26.575, Monica's gross income was $4, Henry's was $0 Question 22 of 50. What is Joaquin's correct and most favorable 2019 filing status? O snge O Married fing jointly O Married filing separately O Head of household. O Qualitying widow(er). OMark for folow up Question 23 of 50. Does Joaquin meet the qualifications for claiming the Child Tax CreditiAdditional Child Tax Credit or the Other Dependent Credit? Choose the best answer. O Joaquin is eligible to claim the Chid Tax Credt/Additional Child Tax Credt. O Joaquin is eligbile to claim the Other Dependent Credit O Joaquin is not eligble to claim the Chid Tax CredtAdational Child Tax Credt or the Other Dependent Credit OMark for follow up Question 24 of 50. Is Joaquin eligible to claim and receive the Earned Income Tax Credit? O Yes. O No.

Joaquin (31) is not married. He shared his home all year with his girtriend, Monica (25), and Monica's son, Henry (3). Henry is not related to Joaquin Joaquin provided more than haif the cost of maintaining the home, and he provided more than 50% support for Monica and Henry. Joaquin's wages were $26.575, Monica's gross income was $4, Henry's was $0 Question 22 of 50. What is Joaquin's correct and most favorable 2019 filing status? O snge O Married fing jointly O Married filing separately O Head of household. O Qualitying widow(er). OMark for folow up Question 23 of 50. Does Joaquin meet the qualifications for claiming the Child Tax CreditiAdditional Child Tax Credit or the Other Dependent Credit? Choose the best answer. O Joaquin is eligible to claim the Chid Tax Credt/Additional Child Tax Credt. O Joaquin is eligbile to claim the Other Dependent Credit O Joaquin is not eligble to claim the Chid Tax CredtAdational Child Tax Credt or the Other Dependent Credit OMark for follow up Question 24 of 50. Is Joaquin eligible to claim and receive the Earned Income Tax Credit? O Yes. O 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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