Olga is married and files a joint tax return with her husband. What amount of AMT exemption may she deduct under each of the following alternative circumstances? Exhibit 8-5. (Leave no answer blank. Enter zero if applicable.) r AMTI is $1,612,500.
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- Whitney received $75,600 of taxable income in 2022. All of the income was salary from her employer. What is her income tax liability in each of the following alternative situations? Use Tax Rate Schedule for reference. Note: Do not round intermediate calculations. Required: She files under the single filing status. She files a joint tax return with her spouse. Together their taxable income is $75,600. She is married but files a separate tax return. Her taxable income is $75,600. She files as a head of household.In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $550,000 (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. c. She received $8,400 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 liabilityASAP! A)If a married couple files separate returns, both must claim the standard deduction (rather than itemize their below-the-line deductions). B) Grace, age 16, is claimed as a dependent by her grandfather. During 2021, she had City of Baltimore bonds of $2,000 and earnings from cat-sitting of $400. Calculate her taxable income. You do not need to include the dollar sign, commas, or cents in your answer. C) In terms of income tax consequences, abandoned spouses who do not have children are treated the same way as married persons filing separate returns. T OR F?
- Kk.29.Elijah has $66,000 of salary and $11,500 of itemized deductions. Eriana has $99,000 and 18,100 of itemized deductions. They are married and under age 65. Requirement B - Compute their taxable income if they file jointly. Assume their total itemized deductions equals the sum of their separate itemized deductions.Determine the amount of the child tax credit in each of the following cases: > Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,600 and one child age 4. b. A single parent with modified AGI of $79,200 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,133 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,255 and one child, age 13. Child Tax Credit Allowed $ $ $ $ 1,250 ✓✔ 9,600 X 3,544 x 3,000
- Paola and Isidora are married; file a joint tax return; report modified AGI of $143,480; and have one dependent child, Dante. The couple paid $8,760 of tuition and $15,375 for room and board for Dante ( a freshman). Dante is a full-time student and claimed as a dependent by Paola and Isidora. Determine the amount of the American Opportunity credit for 2023. Sfill in the blank 1Sam, not married and does not maintain a home for a dependent, has $50,000 salary and $5,000 qualified dividends. Sam has itemized deductions of $14,000. Compute Sam's total tax liability including both her income tax and net investment income tax, if applicable, for the current year. Group of answer choices $4,100. $4,115. $4,850. $5,040.Jermaine and Alysha are married and have combined W-2 income of $87,466. They received a refund of $431 when they filed their taxes. How much income tax did their employers withhold during the year? Use the appropriate Tax tables or Tax rate schedules. Multiple Choice $6,547. $7,409. $10,468. Cannot be determined with the information provided.
- Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, and they have legitimate itemized deductions totaling $28,000. Their total income fr wages is $271,800. Assume the following tax table is applicable: Married Couples Filing Joint Returns You Pay This Amount on the Base of the Bracket If Your Taxable Income Is Up to $19,750 $19,750-$80,250 $80,250-$171,050 $171,050-$326,600 $326,600-$414,700 $414,700-$622,050 Over $622,050 What is their marginal tax rate? O a. 22.0% O b. 12.0% O c. 35.0% O d. 24.0% O e. 32.0% $0.00 1,975.00 9,235.00 29,211.00 66,543.00 94,735.00 167,307.50 Plus This Percentage on Average Tax Rate at Top the Excess over the Base of Bracket 10.0% 10.0% 12.0 11.5 22.0 17.1 20.4 22.8 26.9 37.0 24.0 32.0 35.0 37.0Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of $52,000, and Stan has interest income of $4,500. No election is made to include Stan’s income on Brian and Kim’s return. Click here to access the income tax rate schedules and the trust and estate tax rate schedules. a. For purposes of the tax on a child’s unearned income, calculate Stan’s taxable income.$ b. Calculate Stan’s net unearned income.$ c. Calculate Stan’s earned taxable income.$ d. Calculate Stan's tax for 2018. $a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $39,800 before considering their Social Security benefits, no tax-exempt interest, and $13,930 of Social Security benefits. As a result, s of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $16,000 before considering their Social Security benefits, no tax-exempt Interest, and $17,600 of Social Security benefits. As a result, of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $119,500 before considering their Social Security benefits, no tax-exempt interest, and $17,925 of Social Security benefits. As a result, s of the Social Security benefits are taxable.