None Qualifying Dependents (LO 1.6)What is the total dollar amount of personal and dependency exemptions a married couple with two children (ages 11 and 17, both of which are qualified children) and $80,000 ofadjusted gross income would deduct in 2023?$0What is the total child and other dependent credit that could be claimed (before any advance payments or limitations)?2,000 XFeedbackCheck My WorkIn December 2017, The Tax Cuts and Jobs Act or TCJA was signed into law. This is the most dramatic change to the tax code since 1986 and thus affects the tax rulesin important ways.

You are right. The Tax Cuts and Jobs Act of 2017 suspended personal and dependency exemptions…

Answered: Qualifying Dependents (LO 1.6) What is…

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter13: Tax Credits And Payment Procedures

Section: Chapter Questions

Problem 30P

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What is the total dollar amount of personal and dependency exemptions which a married couple with two children (ages 11 and 14, both of which are qualified children) and $80,000 of adjusted gross income would deduct in 2020? $fill in the blank What is the total child and other dependent credit that could be claimed (before any limitations) $fill in the blank
Exercise 12-16 (LO. 4) Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2022, they earn wages of $34,000 and no other income. Round your intermediate computations to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table. Determine the amount of their earned income credit for 2022. 6,935 X
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Self-Study Problem 1.7 What is the net effect of the EIP (economic impact payment) and RRC (recovery rebate credit) on each of the following taxpayers. The EIP is $1,400 for single taxpayers and $2,800 for married, filing jointly taxpayers. An additional $1,400 is allowed for each qualifying child. 1. Mirka and Liam are married and file jointly with AGI of $97,000 in 2021. In 2021 they received an EIP of $4,200 based on their filing status and having a dependent child at the end of 2020. 2. Phoebe was a dependent taxpayer in 2020 and had not filed a tax return. In 2021, she failed to request and did not receive an EIP, although she was no longer a dependent and had AGI of $28,000 as a single taxpayer. 3. Mahima received a $1,400 EIP in 2021. Due to the birth of her son in 2021, Mahima was classified as a head of household taxpayer with AGI of $47,000. 4. Jane and Marshall file jointly in 2021 and claim two dependents. They received a $5,600 EIP in 2021. Jane received a large bonus in…
Question 13 11. During 2020, a person receives Social Security at age 63 and is earning $23,000/year at a part- time position, how much of their allotted $12,000 yearly Social Security payments would they receive? Assume $12,000 is the amount after deducting the early withdraw penalty. Question 14 12. From the question above, now assume the individual is 71 years old. How much of the yearly $12,000 would they receive while still earning $23,000 from their part-time position? Question 15 13. At retirement age in 2020, an individual has an average yearly indexed income of $40,000. How much would their monthly Social Security check be worth using the PIA formula? *Do not use dollar signs*
Question 16: What is the maximum amount of dependent care benefits an employee who files as Single on his tax return can receive in a year? Answer: A. O S2,500 В. O 5,000 С. O 57,500 D. O $10,000
Problem 1-25 Economic Impact Payment and Recovery Rebate Credit (LO 1.7) Luke and Vanessa have been married since 2017 and have filed jointly each year since then. Their 2020 EIP was based on their 2020 tax return that was filed in early February 2021. In May 2021, they celebrated the adoption of a child. If their AGI was never greater than $120,000, what was their EIP and RRC (before applying the EIP) in 2021? а. EIP b. RRC
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What is the amount of dependent care credit for a couple with two children where they spend $5,000 for dependent care and the husband earns $40,000 for the year and the wife earns $4,500 before the income tax limitation? $1,000 $990 $900 $0 None of these
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Child and Dependent Care Credit (LO 7.3) Calculate the amount of the child and dependent care credit allowed for 2018 in each of the following cases, assuming the taxpayers had no income other than the stated amounts. TABLE 6.1 CHILD AND DEPENDENT CARE CREDIT PERCENTAGES Adjusted Gross Income Applicable Percentage Over But Not Over $0 – $15,000 35% 15,000 – 17,000 34% 17,000 – 19,000 33% 19,000 – 21,000 32% 21,000 – 23,000 31% 23,000 – 25,000 30% 25,000 – 27,000 29% 27,000 – 29,000 28% 29,000 – 31,000 27% 31,000 – 33,000 26% 33,000 – 35,000 25% 35,000 – 37,000 24% 37,000 – 39,000 23% 39,000 – 41,000 22% 41,000 – 43,000 21% 43,000 – No limit 20% a. William and Carla file a joint tax return. Carla earned $26,000 during the year, while William attended law school full-time for 10 months and earned no income. They paid $3,500 for the care of their 3-year-old child, Carl. $…
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