John works in New Jersey and lives in Pennsylvania. What is the correct tax treatment of his wages?
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John works in New Jersey and lives in Pennsylvania. What is the correct tax treatment of his wages?
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- For an individual taxpayer in the United States, what benefit is provided by the foreign housing cost exclusion?How does an individual taxpayer in the United States qualify for the foreign earned income exclusion?A paid tax preparer must demonstrate due diligence. Review the following scenario, and then choose the appropriate response. Cherylynn Johnson (58) comes in to 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, Alana (12), who currently lives with her. All of the following are appropriate questions to ask or actions to take EXCEPT: Ask Cherylynn how long Alana has lived with her and inquire into the whereabouts of Alana's parents. Ask Cherylynn who paid most of the expenses of maintaining her home. Inform Cherylynn that she must provide you with documentation proving Alana lived with her before you can prepare the return. Inquire whether the IRS has ever denied or reduced Cherylynn's EITC in a prior year.
- Explain the Tax Treatment of Personal and Qualified Residences?You are self-employed. Your business earns income during the period. You are subject to which of the following taxes? A. Income Tax B. Business Tax C. A and B D. None of theseWhich of the following is not a social objective of the tax laws? a) Place more after tax income into the hands of taxpayers for their disposal. b) Fight unemployment problems of certain disadvantaged groups of citizens through the Work Opportunity Tax Credit. C) Relieve the tax burdens of taxpayers who are 65 or over or are blind. d) Subsidize the cost of a home, and thus encourage home ownership. e) Encourage individuals to provide for their future needs by contributing to their retirement savings accounts.
- According to the contributions of Puerto Rico:Indicate the items of income that are part of the gross income.Indicates income exclusions.Calculate the adjusted gross income.Identifies if the taxpayer has interest income and explains what the tax treatment is in this regard.List the exemptions to which the taxpayer is entitled. Case 2: Carmelo Morales and Carmen FloresCarmelo Morales was born on January 9, 1968, is a teacher and is married. He had a salary of $42,000 and a withholding tax of $6,000. In addition, he obtained a $5,000 individual retirement account (IRA). Carmelo also received dividends of $5,000 from an investment made in a company. His wife, Carmen Flores, was born on March 22, 1970, works as a secretary and had an income of $30,000 in the taxable year. The couple has no children, has a joint bank account, and received $7,500 in interest from the bank. Carmelo's mother lives with him and is completely dependent on her son, since the woman is disabled and has no income.In general terms, what are the differences in the rules for determining who is a qualifying child and who qualifies as a dependent of a qualifying relative? Is it possible for someone to be a qualifying child and a qualifying relative of the same taxpayer? Why or why not?Karen most had a federal tax levy of 2100.50 against her. If Most is single with two personal exemptions and had take home pay of 499 this week, how much would her employer take from her pay to satisfy part of the tax levy?
- This is US Tax and Law Study GuideKaren Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal exemptions and had a take-home pay of $499.00 this week, how much would her employer take from her to satisfy part of the tax levy?What is the purpose of the provision in the tax law that taxes unearned income of certain minor children at the trust and estate tax rates? The provision is designed to prevent from transferring generally to in order to take advantage of the tax rate.
