Greg (45) and Penny (45) are married. Their sons, Theo (18) and Oliver (14), who are both high school students, lived with them all year. The boys received more than 50% of their support from their parents. Greg's wages were $52,000; Penny's wages were $38,750; Theo's gross income was $7,200; Oliver's was $350.Question 13 of 50.What is Greg's correct and most favorable 2019 filing status?O Single.O Married filing jointlyO Married filing separately.O Head of household.O Qualifying widow(er).O Mark for follow upQuestion 14 of 50.Do Greg and Penny meet the qualifications for claiming the Child Tax Credit/Additional Child Tax Credit or the Other Dependent Credit? Choose the best answer.O Greg and Penny may only claim the Child Tax Credit.O Greg and Penny may only claim the Other Dependent Credit.O Greg and Penny may claim both the Child Tax Credit and the Other Dependent Credit.O Mark for follow upQuestion 15 of 50.Is Greg eligible to claim and receive the Earned Income Tax Credit?O YesO No.O Mark for follow up

I am answering the first question as per company's policies. Filing status of an individual is primarily dependent upon his marital status. However, there are a number of options available to the filing individual that can be chosen based on particulars relating to nature of income. Greg can not file the return as single, head of household or qualifying widower as he is still married. The two available options to Greg are either married filing jointly or married filing separately. Greg should choose married filing separately as tax liability will be lower under this method. The tax liability will be higher if he choses to file as married filing jointly as the spouse is earning significant income. Therefore option (c) (Married filing separately) is correct.

Answered: Question 13 of 50. What is Greg's…

Business

Accounting

Question 13 of 50. What is Greg's corect and most favorable 2019 filing status? Single Married filing jointly. Married filing separately. Head of household. O Qualitying widower)

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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