LO 1.4 14. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for 2023? a. $1 b. $1,250 C. $4,500 d. $12,950 e. $13,850

LO 1.4 14. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for 2023? a. $1 b. $1,250 C. $4,500 d. $12,950 e. $13,850

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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Exercise 12-24 (LO. 6) In 2023, Miranda records net earnings from self-employment of $168,500. She has no other income. Determine the amount of Miranda's self-employment tax and her AGI income tax deduction. In your computations, for the tax liability, round interim amounts to two decimal places and the final answer to the nearest whole dollar. For the AGI deduction, if necessary, use amounts that have been rounded to the nearest dollar. Miranda's self-employment tax is s X and she has a s X deduction for AGI.
18. Rex and Dena are married and have two children, Michelle (age seven) and Nancy (age five). During 2022, Rex earned a salary of $27,500, received interest income of $300, and filed a joint income tax return with Dena. Dena had $0 gross income. Their earned income credit for the year is: a.$0. b.$5,840. c.$5,903. d.$6,164.
28. Using the tax table provided, compute the income tax due for Susie and Josh Adams whose taxable income for the past year is $181,050. Income Tax Not Of the Amount Over The Tax is: Over Over $- $19,750 $0 10% $- + 19,750 80,250 1,975 12% 19,750 80,250 171,050 9,235 22% 80,250 + 171,050 326,600 29,211 + 24% 171,050 326,600 414,700 66,543 + 32% 326,600 414,700 622,050 94,735 + 35% 414,700 622,050 167,308 + 37.0% 622,050
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…
10. Anna is single, and she files taxes based on a taxable income of $90,000. Given the tax bracket shown below, her tax bill is closest to Single Taxable Income $0-$9.525 $9 526- $38.700 $38.701 - $82,500 $82,501-$157.500 $157.501-$200.000 $200 001 - $500 000 $500 001 or more a) $9,000 b) $10,610 c) $15,739 d) $21,600 e) $14,090 $15,890 g) $32,090 Tax Rate 10% of taxable income $952.50 plus 12% of the amount over $9.525 $4.453.50 plus 22% of the amount over $38.700 $14.089.50 plus 24% of the amount over $82,500 $32.089.50 plus 32% of the amount over $157.500 $45,689.50 plus 35% of the amount over $200.000 $150.689.50 plus 37% of the amount over $500,000
Problem 8 - 70 (LO 8-4) (Algo) Skip to question [The following information applies to the questions displayed below.] Trey 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 2023 for his daughters under each of the following alternative situations? Use Exhibit 8 - 8. Problem 8 - 70 Part a (Algo) a. His AGI is $103,300. b. His AGI is $431, 000. EXHIBIT 8 -8 Child Tax Credit Phase - Out Threshold S EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Married filing jointly Married filing separately Head of household and single Phase-Out Threshold $400,000 200,000 200,000
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Problem 10-37 (Algorithmic) (LO. 6, 7, 8, 9, 10, 11) Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual basis AM Products LLC. Amy is a managing member of the LLC (treated as a general partner) and is a U.S. person. At the beginning of the current tax year, Amy's tax basis capital account has a balance of $736,000, and the LLC has debts of $478,400 payable to unrelated parties. All debts are recourse to the LLC, but neither of the LLC members has personally guaranteed them. The following information about AM's operations for the current year is obtained from the LLC's records. Operating income W-2 wages Depreciation expense Interest income Long-term capital loss Long-term capital gain Charitable contribution (cash) Cash distribution to Amy Unadjusted basis of partnership property immediately after acquisition $1,104,000 200,000 300,000 11,040 7,360 22,080 11,090 55,200 1,600,000 Operating income equals revenue less operating expenses (other than…
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26. LO3 Determine the maximum deduction from AGI for 2018 for each of the following taxpayers: a. Pedro is single and maintains a household for his father. His father is not a dependent of Pedro's. Pedro's itemized deductions are $12,100. b. Jie and Ling are married. Jie is 66 years old, and Ling is 62. They have itemized deductions of $19,000. c. Myron and Samantha are married, and both are 38 years of age. Samantha is legally blind. They have itemized deductions of $24,500. d. Joelynn is divorced and maintains a home for her 21-year-old son, who is a part-time student at the local university. He pays less than one-half of his support and his earned income for the year is $3,900. Her itemized deductions are $17,000. e. Frank is 66 years of age. During the year, his wife dies. His itemized deductions are $23,700. f. Assume the same facts as in part e, except that Frank's wife dies in 2016.
de 31. Which of the listed individuals will qualify as a dependent of Taxpayer? OJOL A A twenty-six year old son who earned $5,100 between January 1 and March 17, but was unemployed for the remainder of the year B E C D A seven year old niece supported by Taxpayer, but who lived with Taxpayer's parents all year The five year old son of Taxpayer's best friend who lived with Taxpayer all year while the child's parents were in prison Taxpayer's twenty-one year old married daughter who was supported by Taxpayer, but who filed a joint return with her husband. Assume that the daughter earned $14,000 of income and the joint return reported a $400 income tax liability. None of the above