Ciara had $78,000 of income from wages and $2,950 of taxable interest. Ciara also made contributions of $2,100 to a tax-deferred retirement account. Ciara has 4 dependents and files as head of household.

Q: n 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Kiddie tax is applicable when the taxpayer's age is less than 18 years old.  Another condition is…

Q: JUNII and Sahdy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha.…

A: Introduction A tax payer's net tax payable or refund is calculated by first determining gross tax…

Q: Pat, age 15, is claimed as a dependent on her parents' tax return. This year, Pat earned $2,000 from…

A: Dependent taxable income is the amount of income on which a person reported as a dependent on…

Q: 1. Jennifer is single and 45 years old in 2021. Jennifer's modified adjusted gross income is…

A: Traditional IRA contributions may be tax deductible. The Deduction may be limited if you or your…

Q: Herold had $66,500 of income from wages and $1,100 of taxable interest. Herold also made…

A: Introduction Income from wages: Wage income is the total of all earnings earned by a person in a…

Q: Soyala had $62,401 of income from wages and $119 of taxable interest. Soyala also made contributions…

A: Gross income:  Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: Layla is married with 3 children and files taxes jointly with her husband. Their adjusted gross…

A: The income tax which a person owes to the government is based upon the taxable income of the person…

Q: a. Shauna paid $4,680 for medical expenses for care related to a broken ankle. Also, Shauna's…

A: Taxable income:The income on which the amount of tax is calculated is known as taxable income.…

Q: Phan Mai is single with two dependent children under age 17. Phan estimates her wages for the year…

A: The Taxpayers are considered as unmarried sometimes even when they are not separated legally, then…

Q: Jane Binyan is single with one dependent and files as head of household. She is the chief financial…

A: Gross income:  Gross income is the sum of all forms of income of the taxpayer before claiming any…

Q: In 2021, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: In this case 7000 $ is an unearned income,and it exceeded 2200 limit.

Q: Jeremy and Katie are married and filing taxes jointly. Jeremy earned an income of $55,750, including…

A: Itemized Deduction: These are items of certain allowable expenses that are tax-deductible from the…

Q: Whitney received $75,000 of taxable income in 2020. All of the income was salary from her employer.…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Lisa is a member of Bigfoot LLC, which runs a retail business in which she is active. For the…

A: AGI is an alteration of gross income. Gross income is the sum of all the money an individual earns…

Q: MD is having income of $98,296 from wages and $567 of taxable interest. MD has also mad…

A: Gross Income: It refers to the total amount earned by an individual as compensation before…

Q: Emily and Juan are married and filed jointly. Their combined wages were $130,000 and they had no…

A: (a) Tax Payer - Emily and Juan (b) Status - Married Filing Jointly (MFJ) (c) Combined Wages = $…

Q: Melody (48) is single, with a modified adjusted gross income of $72,000 (all from wages). She is…

A: For the tax year 2022, for a taxpayer covered under the employer-sponsored retirement plan, the…

Q: deductions of $27300 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their…

A: The IRS warrants every taxpayer to clear their tax dues on time. However, various exemptions and…

Q: Taylor, age 16, is claimed as a dependent by her parents. For 2020, she has the following income:…

A: Kiddie tax is applicable on a dependent child if all the following requirements are met for the…

Q: Matteo (unmarried) files his tax return using head of household filing status. His taxable income is…

A: The  Tax rate Schedule for Head of Household will be as per below Tax rate Taxable income bracket…

Q: Paige, age 17, is a dependent of her parents. Her parents report taxable income of $120,000 on their…

A: Taxable income:Taxable income refers to the income that is subject to tax. The Taxable income is…

Q: Shelley is a self-employed CPA.  In 2020, she had gross revenue of $255,000 and expenses of $40,000…

A: Self employed individuals are required to pay both the employee and employer portion of social…

Q: LaTosha had $103,500 of income from wages and $3,550 of taxable interest. LaTosha also made…

A: Income tax is calculated on the taxable income which is equal to the total income less all the…

Q: Shauna Coleman is single. She is employed as an architectural designer for Streamline Design (SD).…

A: Adjusted Gross Income (AGI):  Adjusted gross income is the amount on which the tax liability of the…

Q: . John, age 26, married Diane, age 25, in 2021. Their salaries for the year amounted to $47,230 and…

A: Particulars Amount $  Amount $ Gross income:     Salary $ 47,230   Interest $ 3,500   Gross…

Q: Jeremy (unmarried) earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's…

A: Required A. Determine Jeremy's tax refund or taxes due. Based at the statistics furnished, right…

Q: Jamie has taxable income of $127,644. She is single and her tax rates are 10% on the first $7,000 of…

A: Tax liability refers to the amount that is charged at some specified percentage by the locals. the…

Q: Maria Tallchief is a single taxpayer (birthdate May 18, 1995) living at 543 Space Drive, Houston, TX…

A: To complete Maria Tallchief's Form 1040 for the 2022 tax year, we'll need to go through the process…

Q: Beatrice, age 12, is a dependent of her parents. She earned wages of 1500 and had taxable interest…

A: Since Beatrice is a dependent minor, her taxable income would be calculated as per section 1(j)(4)…

Q: To care for their children while they work, Jim and Mary Jean pay Eleanor (Jim’s mother) $5,600.…

A: There is no credit for child and dependent care expenses.   Explanation: Annual gross income of Jim…

Q: Natasha is a 21 year old,unmarried student who lives alone. Last year her taxable income was…

A: Gross income is the income which a taxpayer has earned during the year means all money which the…

Q: During the current tax year, Doug incurs the following deductible expenses: State Income Tax $2,300…

A: The amount of Doug's taxable income is calculated below:Note: Medical expenses over 7.5% of adjusted…

Q: Brian and Kim have a 12-year-old child, Stan. For 2018, Brian and Kim have taxable income of…

A: Taxable Income:Taxable income refers to the base upon which an income tax system imposes tax.…

Q: Zack is single and  has collected the following information for preparing his 2021 taxes: Gross…

A: According to the given question,  we are required to compute the adjusted gross income and taxable…

Q: Jeremy (unmarried) earned $101,000 in salary and $6,050 in interest income during the year. Jeremy's…

A: Tax Refund: Any payment made to a person for excess taxes paid to either the state or the federal…

Q: Tucker (age 52) and Elizabeth (age 48) are a married couple. Tucker is covered under a qualified…

A: To determine the maximum tax-deductible contributions Tucker and Elizabeth can make to a traditional…

Q: Sam, not married and does not maintain a home for a dependent, has $50,000 salary and $5,000…

A: Tax liability:The amount of tax that is payable or due to the government or the tax authority is…

Q: Sharon Jones is single. During 2022, she had gross income of $159,800, deductions for AGI of $5,500,…

A: According to the given question, we are required to compute the tax due or tax refund of Sharon…

Q: eremy (unmarried) earned $100, 500 in salary and $6,050 in interest income during the year. Jeremy's…

A: Answer:-Tax Refund:- Any payment made to a person for excess taxes paid to either the state or the…

Q: Matt and Alex are married and filed jointly. Their combined wages were $83,300. They received $1650…

A: Data given: Combined wages = $83,300 Interest income  = $ 1650 Child tax credit = $2000 Contribution…

Q: Karen Most has a federal tax levy of $2,100.50 against her. If Most is single with two personal…

A: Federal tax levy: The amount of taxes levied on an employee's take-home pay, based on the levy rate…

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.