QUESTION 19 The following information has been extracted from Olivia's books for the year to 31 August 2019
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- Interview Notes • Carmen, age 61, is single. She owns her home and provided all the costs of keeping up her home for the entire year. Her only income for 2023 was $48,000 in W-2 wages. . . Abigail, age 24, and her daughter Andrea, age 4, moved in with Abigail's mother, Carmen, after she separated from her spouse in April of 2021. Abigail's only income for 2023 was $25,000 in wages. Abigail provided over half of her own support. Andrea did not provide more than half of her own support. Abigail will not file a joint return with her spouse. • All individuals in the household are U.S. citizens with valid Social Security numbers. No one has a disability. They lived in the United States all year. Advanced Scenario 4: Test Questions 9. For the purpose of determining dependency, Andrea could be the qualifying child of a. Only Carmen b. Only Abigail c. Either Carmen or Abigail d. Neither Carmen nor Abigail 10. Abigail is eligible to claim Andrea for the earned income credit. a. True b. False39
- Sh16Please Do not Give Image format Otherwise rejected my questionCase Study 1 Other Information 0 Question 6/10 In February of 2023, during the preparation of Julia's 2022 return, you explained to her the options for using either the section 179 deduction or special depreciation for the purchases of her 2022 assets. In her first few years in business, she was learning so much, depreciation was too confusing for her. When you showed her the tax savings she would receive to benefit her for 2022, she understood how this might change her choices for additional larger assets she may purchase in 2023. If Julia decided to use special depreciation for the assets purchased in 2022, Julia's refund would increase by what amount? $3,200 $571 $1,044 $757 Want to review the scenario? At any time, select the "?" button in the screen to display the initial prompt. Back Next Julia J Julia Jimenez, Owner Hav A Java At
- Problem 7-22 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2021. They pay $7,000 in 2020 and $7,500 in 2021 for qualified adoption expenses. In 2021, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2021? $ 13,810 b. How much credit could they claim if the adoption falls through and is never finalized? $4 c. How much credit could they claim if their AGI was $221,660? 8,797Auto 48 months hnttps//www.consumerscu.org/ Use the calculator at https:l/www.bankrate.com/calculators/auto/auto-loan-calculator aspx to calculate the monthly payment and the total interest someone will pay for the following scenarios: Suntrust Bank Monthly Payment (4.34% interest) Alliant Credit Union Monthly Payment (2.74% interest) Total interest Total interest paid paid $29,000 automobile with 10% deposit Monthly Payment (2.74% interest) Total interest Monthly Payment (4.34% interest) Total interest paid paid $29,000 automobile with $12,000 depositProblem 7-22 Adoption Expenses (LO 7.7) Carl and Jenny adopt a Korean orphan. The adoption takes 2 years and two trips to Korea and is finalized in 2022. They pay $8,000 in 2021 and $7,500 in 2022 for qualified adoption expenses. In 2022, Carl and Jenny have AGI of $150,000. If an amount is zero, enter "0". If required, carry any division out to four decimal places and round final answers to the nearest dollar. a. What is the adoption credit Carl and Jenny can claim in 2022? $ b. How much credit could they claim if the adoption falls through and is never finalized? c. How much credit could they claim if their AGI was $229,410?
- Preparing income and expense statement Use Worksheet 2.2 Ariana and Nicholas Peterson are about to construct their income and expense statement for the year ending December 31, 2020. Nicholas is finishing up college and currently has no income. They have put together the following income and expense information for 2020: Ariana's salary $43,000 Reimbursement for travel expenses 1,700 Interest on: Savings account 110 Bonds of Delta Corporation 70 Groceries 4,150 Rent 9,300 Utilities 960 Gas and auto expenses 650 Nicholas' tuition, books, and supplies 3,300 Books, magazines, and periodicals 280 Clothing and other miscellaneous expenses 2,900 Cost of photographic equipment purchased with charge card 2,200 Amount paid to date on photographic equipment 1,600 Ariana's travel expenses 1,950 Purchase of a used car (cost) 9,750 Outstanding loan balance on car 7,300 Purchase of bonds in Delta Corporation 4,900 Using the information provided,…2art 2 of 2 pints eBook Ask Print References Mc Graw Hill 124,011 30³ F1 @ 2 W S * mand Required information Problem 6-4A & 6-5A (Algo) [The following information applies to the questions displayed below.] Gerald Utsey earned $48,700 in 2021 for a company in Kentucky. He is single with one dependent under 17 and is paid weekly. The FUTA rate in Kentucky for 2021 is 0.6 percent on the first $7,000 of employee wages, and the SUTA rate is 5.4 percent with a wage base of $11,100. Use the percentage method in Appendix C and the state information in Appendix D. Manual payroll system is used and Box 2 is not checked. Problem 6-5A (Algo) Required: Compute the employer's share of the taxes. (Do not round intermediate calculation. Round your final answer to 2 decimal places.) Federal income tax withholding Social Security tax Medicare tax F2 FUTA tax SUTA tax State income tax withholding # 3 E D M 15 8.0 F3 $ 4 R F Q X C V F4 % 5 T A alı DII F8 N M 1 ( 9 K DD F9 A O 1 ) 0 L A F10 P I : ; L O A…