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Q1.
Maria donated $80,000 cash to a public charity in 2020.
If Maria's 2020 AGI is $70,000, what is Maria's 2020 itemized deduction resulting from her charitable contribution (after application of the limitation)?
Q2.
Ann is single and works full-time. In 2020, Ann paid child care expenses of $6,000 for someone to care for her dependent child so that she could work.
If Ann's AGI is $50,000, what is the amount of her Child and Dependent Care Expense (CDC) Credit? Assume Ann's credit percentage is 20%.
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- Question 27 of 50. Mark and Carrie are married, and they will file a joint return. They both work full-time, and their 2021 income totaled $89,000, all from wages. They have one dependent child, Aubrey (5). During the year, they spent $9,000 for Aubrey's child care. Neither Mark nor Carrie received any dependent care benefits from their employer. What amount may they use to calculate the Child and Dependent Care Credit? $0 $3,000 $8,000 $9,000 Mark for follow upOwen is considering giving a large charitable contribution to an organization in the current year. Owen's adjusted gross income for the year will be $150,000. He wants to contribute $80,000 in either cash or property. If he contributes cash to a public charity, he can deduct $ 48000 this year. If he contributes capital gain property that is worth $80,000 to a public charity, he can deduct $24000 Or, if he contributes the publicly traded stock to a private nonoperating foundation, he can deduct $ 16000 year. Correct Answer 90000 45000 30000 thisFor 2022, Eugene and Linda had adjusted gross income of $30,000. Additional information for 2022 is as follows: Cash contribution to American Heart Association $1,300 Tuition paid to a parochial school $1,200 Cash contribution to a qualified charity $400 Cash contribution to a needy family $100 What is the maximum amount they can deduct for charitable contributions in 2022?
- In 2020, Juliet Ulbod earned P500,000.00 as income from her beauty parlor and received P250,000.00 as Christmas gift from her spinster aunt. She had no other receipts for the year. She spent P150,000.00 for the operation of her beauty parlor. For tax purposes, her gross income for 2020 is (A) P750,000.00. (B) P500,000.00. (C) P350,000.00. (D) P600,000.00.Nicole is a student at USB Law School; she receives a $52,000 scholarship for 2018. Of the $52,000, $40,000 is used for tuition, $5,000 is used for books, and $7,000 is used for room and board. How much of the scholarship is excluded from taxable income for Nicole in 2018? Select one: a. $52,000 b. $47,000 c. $7,000 d. $5,000 e. $45,000Liz had AGI of $130,000 in 2020. She donated Bluebird Corporation stock with a basis of $10,000 to a qualified charitable organization on July 5, 2020. What is the amount of Liz’s deduction assuming that she purchased the stock on December 3, 2019, and the stock had a fair market value of $17,000 when she made the donation? Assume the same facts as in part (a), except that Liz purchased the stock on July 1, 2017. Assume the same facts as in part (a), except that the stock had a fair market value of $7,500 (rather than $17,000) when Liz donated it to the charity.
- M 1 Mindy is single with AGI of $250,000. Mindy made the following payments in 2020: 2 Medical expenses 5,000 3 State income tax withholdings 7,500 4 State sales tax payments 1,500 5 Real estate taxes 6,000 6 Interest on qualified home mortgage 12,000 7 Charitable contribution XYZ Corporation stock 8 Mindy purchased her home in 2020 and the original mortgage on the home has a principal balance of $800,000. 9 Mindy purchased XYZ stock for $2,000 in 2017 and the stock had a fair market value of $3,000 when she made the donation to a public charity in 2020. 10 Calculate the amount of Mindy's2020 itemized deductions. 8 points 11 A calculations must be shownT4.Ramon had AGI of $193,000 in 2019. He is considering making a charitable contribution this year to the American Heart Association, a qualified charitable organization. Determine the current allowable charitable contribution deduction in each of the following independent situations, and indicate the treatment for any amount that is not deductible currently. a. A cash gift of $96,500. In the current year, Ramon may deduct $ since his charitable contribution is limited to s b. A gift of OakCo stock worth $96,500 on the contribution date. Ramon acquired the stock as an investment two years ago at a cost of $86,850. The stock's value for determining the contribution is $ The deduction for 2019 is $ The remaining for years. c. A gift of a painting worth $96,500 that Ramon purchased three years ago for $86,850. The charity has indicated that it would sell the painting to generate cash to fund medical research. The contribution is valued at $ The amount deductible in the current year is $
- S3.Kelvin Tan, a 35-year-old Singaporean, is married with 3 children aged between 2 and 9. He has a total employment income of $120,000 for the year 2019. His wife is a full-time homemaker and looks after the children with the help of a foreign domestic maid. His wife derived interest income of $5,000 from OCBC Bank Ltd in the year 2019. Which of the following reliefs can Kelvin claim?(i) NSman relief(ii) Spouse relief(iii) Qualifying child relief(iv) Foreign maid levy relief Question 3 options: 1) i and iv only 2) i and ii only 3) i and iii only 4) All of the above.In 2023, Theresa was in an automobile accident and suffered physical injuries. The accident was caused by Ramon's negligence. In 2024, Theresa collected from his insurance company. She received $15,000 for loss of income, $10,000 for pain and suffering, $50,000 for punitive damages, and $6,000 for medical expenses that she had deducted on her 2023 tax return (the amount in excess of 7.5% of adjusted gross income). This increased her itemized deductions to a total that was $6,000 more than the standard deduction. As a result of this, Theresa's 2024 gross income is increased by $56,000. O True O False
