Question 22 of 50. In May 2021, Whitney filed for divorce from her husband, Michael. Although they lived apart for the last six months of the year, their divorce is not yet finalized and they are still legally married. Whitney does not wish to file a joint 2021 return, and she has no qualifying child or qualifying relative. use? What filing status should Whitney

Question 22 of 50. In May 2021, Whitney filed for divorce from her husband, Michael. Although they lived apart for the last six months of the year, their divorce is not yet finalized and they are still legally married. Whitney does not wish to file a joint 2021 return, and she has no qualifying child or qualifying relative. use? What filing status should Whitney

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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Which statement describes a technique used to address the issue of ensuring the payment of adequate child support by a noncustodial parent when the parents of minor children are divorced? A) A provision in the noncustodial parent's will leaving property to the minor will solve this concern. B) To ensure that child support payments are continued if the noncustodial parent dies or becomes disabled before such payments are to cease, the parents must enter into a nuptial agreement. C) An irrevocable trust established and funded by the noncustodial parent to ensure payment of child support can be a valuable tool to protect such assets from the claims of future creditors of the noncustodial parent. D) Insurance on the life of the noncustodial parent must be owned by an irrevocable life insurance trust to prevent the noncustodial parent from changing the beneficiary.
Here is another question: – Bart and Elizabeth Forrest are married and have no dependents. They have asked you to advise them whether they should file jointly or separately in 2018. They present you with the following information: Bart Elizabeth Joint Salary $38,000 Business net income $110,000 Interest income $400 $1,200 $2,200 Deductions for AGI $2,400 $14,000 Medical Expenses $10,427 $3,358 State income tax $900 $1,800 Real Estate tax $3,800 Mortgage Interest $4,200 Unreimbursed employee expenses $1,200 If they file separately, Bart and Elizabeth will split the real estate tax and mortgage interest deductions equally. Write Bart and Elizabeth a letter in which you make and explain a recommendation on filing status for 2018. Bart and Elizabeth reside at 2003 highland Drive, Durham, NC 27707.
18 Sandy is seeking child support under the Divorce Act from her former husband, Raymond. Her daughter, Kalia is a normal healthy child who attends daycare while Sandy works. Sandy hopes that the court will order an amount in addition to the basic amount to help her defray some of her unique expenses. Which of the following purchases or expenses may result in Raymond having to pay an amount greater than the basic amount under the federal Child Support Guidelines? a) expenses for Kalia's daycare b) Kalia's new clothes c) the loan on Sandy's new car, which has a built-in car seat for Kalia Od) the child-sized, electric Barbie-mobile that Sandy bought for Kalia's third birthday
Nellie Fox maintains her home in which she and her daughter reside. The daughter does not qualify as Nellie's dependent. Nellie's husband died the previous year. What is Nellie's filing status for the year?
Which of the following is most accurate? Multiple Choice If Jan, a 35-year-old teacher that makes $50,000 in 2019, and Jane, a 36-year-old grocery store clear that makes $48,000 in 2019, marry and file a joint return in 2019, they are likely to pay a "marriage penalty." If Jessica, a 35-year-old accountant that makes $250,000 in 2019, and Jason, a 35-year-old dog walker that makes $5,000 in 2019, marry and file a joint return in 2019, they are likely to be subject to a "marriage bonus." If Jack, a 35-year-old attorney that makes $1,000,000 in 2019, and Jill, a 36-year-old doctor that makes $800,000 in 2019, marry and file a joint return in 2019, they are likely to be subject to a "marriage bonus." If Janel, a 35-year-old nurse that makes $90,000 in 2019, and Jay, a 35-year-old that is "between jobs" for all of 2019 and thus makes $0 in 2019, marry and file a joint return in 2019, they are likely to receive a "marriage penalty."
• Jeff, age 68 and Claire, age 63 elect to file Married Filing Jointly. Neither taxpayer is blind. • Jeff is retired. He received Social Security benefits and a pension. • Jeff and Claire's daughter Shelby, age 19, is a full-time college student in her second year of study. She is pursuing a degree in foreign studies and does not have a felony drug conviction. She received a Form 1098-T for 2022. Box 7 was not checked on her Form 1098-T for the previous tax year. • Shelby spent the summer at home with her parents but lived in an apartment near campus during the school year. • Shelby received a scholarship and the terms require that it be used to pay tuition. Jeff and Claire paid the cost of Shelby’s tuition and course-related books in 2022 not covered by scholarship. They paid $120 for a parking sticker, $5,500 for a meal plan, $750 for textbooks purchased at the college bookstore, and $100 for access to an online textbook. • Jeff and Claire…
Theodore (67) and Jessica (59) are married with no dependents. Jessica is legally blind. They cannot be claimed as dependents on someone else's tax return. What is the amount of their personal exemption credit on their 2021 California return? $129 $258 $387 $516 Answer: Married filing joint :258 Blind 129 Over 65 years old: 129 Total= 258+129+129= 516
Kandy and Jeff are married and own their home as tenants by the entirety. Kandy and Jeff divorce in 2000 but do not transfer the real estate. Jeff dies in 2020. Jeff's will leaves his property to his daughter, Jenny. Who gets Jeff's share of the property [whogetsproperty]
Under what circumstances, if any, can a married person file as a head of household? A. A married person, if otherwise qualified, can claim head of household status only in the first year that he or she can be classified as a surviving spouse. The taxpayer must maintain a household for at least nine months of the year. OB. A married person, if otherwise qualified, can claim head of household status if he or she is married to a nonresident alien or if he or she qualifies as an abandoned spouse. To be an abandoned spouse, the person must have lived apart from his or spouse for the last six months of the year and maintain a household for a qualifying child in which they both live. OC. A married person, cannot claim head of household status, this status is only for single taxpayer that maintain a household for a qualifying child in which they both live. O D. A married person, if otherwise qualified, can claim head of household status only if he or she qualifies as an abandoned spouse. To be…
6. Jim is 67 years old and deaf. He is not married and uses the “single” filing status. How much of a standard deduction can he take?
Mr. and Mrs. Zikalasa, both resident citizens, had the following data on the death of Mr. Sta Cruz in 2019: Exclusive property of husband, P2,720,000 Exclusive property of wife, P1,250,000 Conjugal property of couple, P4,800,000 Ordinary deduction on property of husband, P1,290,000 Ordinary deduction on property of wife, P560,000 Ordinary deduction on conjugal property of couple, P1,300,000 How much is the gross estate?
Dan who is 65 on February 15th,2017 supports and claims his elderly father who just has social security income. What are Dan's filing status and standard deduction?