n 2023, Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 7, 14, and 21. All parties are U.S. citizens. The couple's AGI is $220, 800. Santiago and Amy's child tax credit for 2023 is $fill in the blank 1 and dependent tax credit is $fill in the blank 2

n 2023, Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 7, 14, and 21. All parties are U.S. citizens. The couple's AGI is $220, 800. Santiago and Amy's child tax credit for 2023 is $fill in the blank 1 and dependent tax credit is $fill in the blank 2

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The Kigali's are married and file a joint return. Their AGI (earned income) was $14,610 and federal income tax withholding was $850.. They had no itemized deductions and two dependent children, ages 18 and 19. Required: If the Kigali's are entitled to a $4,716 earned income credit, compute their income tax refund. Assume the taxable year is 2023. Use Standard Deduction Table. Tax Refund
Myrna and Geoffrey filed a joint tax return in 2019. Their AGI was $85,000, and itemized deductions were $25,100, which included $7,000 in state income tax. In 2020, they received a $1,800 refund of the state income taxes that they paid in 2019. The standard deduction for married filing jointly in 2019 was $24,400. Under the tax benefit rule, $_________ of the state income tax refund is included in gross income in 2020.
Conner and Matsuko paid $1,000 and $2,000, in qualifying expenses for their two sons, Jason and Justin, respectively, to attend Idaho State University. Jason is a sophomore and Justin is a freshman. Conner and Matsuko's AGI is $195,000. What is their allowable American opportunity tax credit? Multiple Choice $0. $3,000. $2,000. $3,700.
In 2023, Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 9, 14, and 20. All parties are U.S. citizens. The couple's AGI is $160,000. Santiago and Amy's child tax credit for 2023 is $ and dependent tax credit is
Elijah and Anastasia are husband and wife who have five married children and nine minor grandchildren. For 2020, what is the maximum amount they can give to their family (including the sons and daughters-in-law) without using any of their unified transfer tax credit?
In 2023, Janet and Ray are married filing jointly. They have five dependent children under 18 years of age. Janet and Ray's taxable income (all ordinary) is $2,400,000, and they itemize their deductions as follows: state income taxes of $10,000 and mortgage interest expense of $25,000 (acquisition debt of $300,000). Use Exhibit 8-5 and Tax Rate Schedule for reference. a. What is Janet and Ray's AMT?
Amy and Ethan are married and file a joint return for 2023. Their taxable income is $192,100. The amount of their tax liability, rounded to the nearest dollar, is $________
Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4,000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3,745 d. $810
Tiffany is married and filling joint returns with her husband Aris. They have $108,000 taxable income. What is their marginal tax rate? Your 2019 individual income tax brackets Married 2019 Individual Income Tax Rates Filling Jointly -Taxable Income 10 percent 12 percent 22 percent 24 percent 32 percent 35 percent 37 percent O 10% O 12% © 22% O 24 % Single- Taxable Income 0 to $9,700 $9.701 to $39.475 $39.476 10 104,200 $54,201 to $160,725 $160.726 to 1204,100 1204301 10 $510,100 $510,301 and VOI 0 to $19,400 $19.401 to $78.950 $78,951 to $168.400 $168,401 to $321,450 532145110 $408.200 1408,201 to 1 1612.350 $612,351 and UD Head of Household - Taxable Income 0 to $13,850 $13,851 to $52,850 $52,851 to $84.200 $84,2010 $100,700 $160,701 to $204,100 1204,101 10 $510,300 $510,301 and up
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 2022 for his daughters under each of the following alternative situations? Use Exhibit 8-8. Required: His AGI is $109,200. His AGI is $433,000. His AGI is $421,400, and his daughters are ages 10 and 12.
In 2022, jasmine and Thomas, a married couple, had taxable income of $160,000. If they were to file separate tax returns, jasmine would have reported taxable income of $159,099 and Thomas would have reported taxable income of $10,000. -what is the couples marriage benefit?
Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his daughters under each of the following alternative situations? Use Exhibit 8-8. b. His AGI is $420,200. Amount of child tax credit

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