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Married taxpayers John and June Jenson report net investment income of $110,000 and modified adjusted gross income of 245,000. What amount of net investment income tax, if any, will apply for the year? 12. A. $ 2,180 В. 9,310 20,000 C. D. E. None of the above

Married taxpayers John and June Jenson report net investment income of $110,000 and modified adjusted gross income of 245,000. What amount of net investment income tax, if any, will apply for the year? 12. A. $ 2,180 В. 9,310 20,000 C. D. E. None of the above

FINANCIAL ACCOUNTING
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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Married taxpayers John and June Jenson report net investment income of $110,000 and modified adjusted gross income of 245,000. What amount of net investment income tax, if any, will apply for the year? 12. А. $ 2,180 В. 9,310 20,000 C. D. Е. None of the above 13. Which of the listed statements regarding dependency status is incorrect? 1. Ignoring the multiple support scenario, more than 50% of the support of a qualifying relative must be provided by the taxpayer who would claim the individual as a dependent. 2. An individual who is a qualifying child of a taxpayer cannot be a qualifying relative. 3. To be a qualifying child of a taxpayer, an individual must have the same principal place of abode as the taxpayer for the entire tax year in question. 4. To be a qualifying relative, an individual must have no more than $4,300 (2021 Form 1040) of gross income for the year. A. Statement 1 В. Statement 2 С. Statement 3 D. Statement 4 Е, All four of the statements are correct
Transcribed Image Text:Married taxpayers John and June Jenson report net investment income of $110,000 and modified adjusted gross income of 245,000. What amount of net investment income tax, if any, will apply for the year? 12. А. $ 2,180 В. 9,310 20,000 C. D. Е. None of the above 13. Which of the listed statements regarding dependency status is incorrect? 1. Ignoring the multiple support scenario, more than 50% of the support of a qualifying relative must be provided by the taxpayer who would claim the individual as a dependent. 2. An individual who is a qualifying child of a taxpayer cannot be a qualifying relative. 3. To be a qualifying child of a taxpayer, an individual must have the same principal place of abode as the taxpayer for the entire tax year in question. 4. To be a qualifying relative, an individual must have no more than $4,300 (2021 Form 1040) of gross income for the year. A. Statement 1 В. Statement 2 С. Statement 3 D. Statement 4 Е, All four of the statements are correct
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