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kai.9
Keith has a 2022 tax liability of $2,680 before taking into account his American Opportunity credit. He paid $2,820 in qualifying expenses, was a full-time student seeking a BA, was not claimed as a dependent on his parents' return, and his American Opportunity credit was not subject to phase out. What is the amount of his American Opportunity credit?
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- Hw.139. Clarissa's gross tax liability for 2021 is $1,600. She has a $1,500 nonrefundable personal tax credit, a $750 business tax credit, and a $400 refundable personal tax credit. Her employer withheld $1,000 from her pay for taxes. What is her net tax due or refund for this year?Qualifying Dependents (LO 1.6) In each of the following situations, determine whether the taxpayer(s) has/have a dependent and if so, the total amount of the child tax credit and other dependent credit for 2021 (assuming no advance payments or limitations apply). If an amount is zero, enter "0" a. Donna, a 20-year-old single taxpayer, supports her mother, who lives in her own home. Her mother has income of $1,350. b. William, age 43, and Mary, age 45, are married and support William's 19-year- old sister, who is not a student. The sister's income from a part-time job is $4,300, c. Devi was divorced in 2019 and receives child support of $250 per month from her ex-husband for the support of their 8-year-old son, John, who lives with her. Devi is 45 and provides more than half of her son's support. d. Wendell, an 89-year-old single taxpayer, supports his son, who is 67 years old, lives with him and earns no income. e. Wilma, age 65, and Morris, age 66, are married. They file a joint…Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.
- Jason is self-employed. He has self-employment income of $100,000, and expenses of $80,000. Jason has no other income. What is the amount of Jason’s deduction (adjustment) for self-employment taxes?a taxpayer’s spouse died on march 31, 2020. he has no qualifying child. which status should the taxpayer elect when filing his 2020 tax return? a. qualifying widow(er). b. married filing jointly. c. single. d. married filing separately.Question 37 of 75. Bowie is self-employed as a blogger. He will use the single filing status, and he has net business income of $26,559. The deduttible part of his seif-employment tax is $1,876, His taxable income, without regard to any amount he may be eligible to deduct for the qualified business income (OB) deduction, is $12,133. He did not have any employees nor any assets or property to depreciate. Bowie is eligible to receive a qualified business income (aB) deduction of O so O $2,427 $4,937 $5,311 OMark for follow up - Question 38 of 75. Beverly owns a machine shop. In 2021, she purchased a new metal lathe for $27,000. Her net income was $290,000. If she elects the Section 179 deduction on the metal lathe, what is the maximum amount she can take? * O $12,500 *O $13,500 Ɔ s25,000 $27,000 OMark for follow up
- On Monica Lu’s 2020 income tax return, Monica validly claimed her dependent 17-year-old son, Brett. Since Brett earned $5,000 in 2020 selling novelties at the college he attended full time, Brett was also required to file a 2020 income tax return. How much should Brett claim as a standard deduction on his 2020 individual income tax return? $0.$5,350.$6,450.$12,400.Janie graduates from high school in 2019 and enrolls in college in the fall. Her parents (who file a joint return) pay $8,725 for her tuition and fees. If required, round your computations to the nearest whole value. a. Assuming Janie's parents have AGI of $170,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank f1e43ef63038fac_1 b. Assuming Janie's parents have AGI of $68,000, what is the American Opportunity tax credit they can claim for Janie?$fill in the blank da335a09e043f8f_1Janie graduates from high school in 2020 and enrolls in college in the fall. Her parents (who file a joint return) pay $5,225 for her tuition and fees. a. Assuming Janie's parents have AGI of $177,800, what is the American Opportunity tax credit they can claim for Janie? b. Assuming Janie's parents have AGI of $71,120, what is the American Opportunity tax credit they can claim for Janie?
- In 2023, Jack, age 12, has interest income of $6,540 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $88,150 and file a joint return. Assume that no parental election is made. Click here to access the 2023 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is 2,200 X 264 X. 264 X.In 2023, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $600,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Leave no answer blank. Enter zero if applicable. Problem 8-51 Part c (Static) c. She received $7,000 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student. Tax liabilityIn 2022, Ryan files as head of household and has taxable income of $122,500. None of his taxable income consists of capital gains or qualified dividends. Using the tax rate schedule, his tax liability rounded to the nearest dollar, totals $_____. Explain.
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