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Pedro Viera and Valeria Real are married, filing a joint return, and have two dependent children under the age of 17. Valeria's mother, Sofia Real, lives with them. She is permanently and totally disabled. Sofia received Social Security benefits that are not taxable and were not used for her support. The children qualify for claiming both the non refundable and refundable child tax credit. The Social Security number for Pedro is 134-00-X000X (date of birth: 09/23/1982) and for Valeria is 135-00-XXXXX (date of birth: 01/25/1980). They have a daughter, Crystal (date of birth: 05/13/2012; SSN: 136-00-XXXXX), and a son, Louis (date of birth: 02/15/2014; SSN: 137-00-XXXX). Sofia Real's SSN is 138-00-XXXXX (date of birth: 03/30/19 They do not itemize deductions. The Puerto Rico tax liability for 2023 is $ 6,200. Pedro and Valeria provided the entire cost of maintaining the household and all the support for their children and for Sofia. If a refund or balance is due, Pedro and Valeria would like a direct deposit to or direct debit from their checking account 53890; routing number 06790xxxxx. 1 Pedro and Valeria's total income shown on line 1a of Form 1040 is: so $76,912 586,912 593,206 2 Pedro and Valeria are eligible to claim which of the following non-refundable credits on their 2023 tax return? Other Dependent Credit Foreign tax credit

Pedro Viera and Valeria Real are married, filing a joint return, and have two dependent children under the age of 17. Valeria's mother, Sofia Real, lives with them. She is permanently and totally disabled. Sofia received Social Security benefits that are not taxable and were not used for her support. The children qualify for claiming both the non refundable and refundable child tax credit. The Social Security number for Pedro is 134-00-X000X (date of birth: 09/23/1982) and for Valeria is 135-00-XXXXX (date of birth: 01/25/1980). They have a daughter, Crystal (date of birth: 05/13/2012; SSN: 136-00-XXXXX), and a son, Louis (date of birth: 02/15/2014; SSN: 137-00-XXXX). Sofia Real's SSN is 138-00-XXXXX (date of birth: 03/30/19 They do not itemize deductions. The Puerto Rico tax liability for 2023 is $ 6,200. Pedro and Valeria provided the entire cost of maintaining the household and all the support for their children and for Sofia. If a refund or balance is due, Pedro and Valeria would like a direct deposit to or direct debit from their checking account 53890; routing number 06790xxxxx. 1 Pedro and Valeria's total income shown on line 1a of Form 1040 is: so $76,912 586,912 593,206 2 Pedro and Valeria are eligible to claim which of the following non-refundable credits on their 2023 tax return? Other Dependent Credit Foreign tax credit

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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Pedro Viera and Valeria Real are married, filing a joint return, and have two dependent children under the age of 17. Valeria's mother, Sofia Real, lives with them. She is permanently and totally disabled. Sofia received Social Security benefits that are not taxable and were not used for her support. • The children qualify for claiming both the non refundable and refundable child tax credit. . The Social Security number for Pedro is 134-00-XXXX (date of birth: 09/23/1982) and for Valeria is 135-00-XXXX (date of birth: 01/25/1980). They have a daughter, Crystal (date of birth: 05/13/2012; SSN: 136-00-XXXX), and a son, Louis (date of birth: 02/15/2014; SSN: 137-00-XXXX). Sofia Real's SSN is 138-00-XXXX (date of birth: 03/30/1948). They do not itemize deductions. • • The Puerto Rico tax liability for 2023 is $ 6,200. • Pedro and Valeria provided the entire cost of maintaining the household and all the support for their children and for Sofia. • If a refund or balance is due, Pedro and Valeria would like a direct deposit to or direct debit from their checking account 53890; routing number 06790XXXXX. 1.11 Pedro and Valeria's total income shown on line 1a of Form 1040 is: a. SO b. $76,912 c. $86,912 d. $93,206 1.12 Pedro and Valeria are eligible to claim which of the following non-refundable credits on their 2023 tax return? a. Other Dependent Credit b. Foreign tax credit c. Child Tax Credit d. All of the above 1.13 What is the amount of Foreign Taxes that should be entered on line 8 in Form 1116? a. SO b. $2,750 c. $4,500 d. $ 6,200 1.14 Which of the following items are included in the total payments on Pedro and Valeria's tax return? a. Federal income tax withheld from Form W-2 b. Additional child tax credit c. Child Tax Credit d. Both a and b 1.15 What is the taxable income reported on Form 1040? a. 50 b. $51,012 c. $59,212 d. $72,958
Transcribed Image Text:Pedro Viera and Valeria Real are married, filing a joint return, and have two dependent children under the age of 17. Valeria's mother, Sofia Real, lives with them. She is permanently and totally disabled. Sofia received Social Security benefits that are not taxable and were not used for her support. • The children qualify for claiming both the non refundable and refundable child tax credit. . The Social Security number for Pedro is 134-00-XXXX (date of birth: 09/23/1982) and for Valeria is 135-00-XXXX (date of birth: 01/25/1980). They have a daughter, Crystal (date of birth: 05/13/2012; SSN: 136-00-XXXX), and a son, Louis (date of birth: 02/15/2014; SSN: 137-00-XXXX). Sofia Real's SSN is 138-00-XXXX (date of birth: 03/30/1948). They do not itemize deductions. • • The Puerto Rico tax liability for 2023 is $ 6,200. • Pedro and Valeria provided the entire cost of maintaining the household and all the support for their children and for Sofia. • If a refund or balance is due, Pedro and Valeria would like a direct deposit to or direct debit from their checking account 53890; routing number 06790XXXXX. 1.11 Pedro and Valeria's total income shown on line 1a of Form 1040 is: a. SO b. $76,912 c. $86,912 d. $93,206 1.12 Pedro and Valeria are eligible to claim which of the following non-refundable credits on their 2023 tax return? a. Other Dependent Credit b. Foreign tax credit c. Child Tax Credit d. All of the above 1.13 What is the amount of Foreign Taxes that should be entered on line 8 in Form 1116? a. SO b. $2,750 c. $4,500 d. $ 6,200 1.14 Which of the following items are included in the total payments on Pedro and Valeria's tax return? a. Federal income tax withheld from Form W-2 b. Additional child tax credit c. Child Tax Credit d. Both a and b 1.15 What is the taxable income reported on Form 1040? a. 50 b. $51,012 c. $59,212 d. $72,958
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