Required information Problem 6-55 (LO 6-3) (Algo) [The following information applies to the questions displayed below] Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2023 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent). Problem 6-55 Part-c (Algo) . Stephanie reported $17,920 of earnings from her babysitting. Standard deduction S 18.320
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- Problem 3-37 (Algorithmic) (LO. 3, 7) Taylor, age 15, is claimed as a dependent by her parents. For 2021, she has the following income: $5,200 wages from a summer job, $1,430 interest from a money market account, and $2,100 interest from City of Chicago bonds. If required, round your answers to the nearest dollar. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". Click here to access the 2021 tax rate schedule. a. Taylor's standard deduction for 2021 is $ Taylor's taxable income for 2021 is $ b. Compute Taylor's "net unearned income" for the purpose of the kiddie tax. Compute Taylor's tax liability. [Her parents file a joint return and have taxable income of $135,000 (no dividends or capital gains).]Q.7. In 2020, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2020, Henry's qualified business income from driving is $116,200. Assume Henry takes the standard deduction of $12,400. Click here to access the 2020 individual tax rate schedule to use for this problem. Assume the QBI amount is net of the self-employment tax deduction. a. Compute Henry's QBI deduction and his tax liability for 2020. QBI deduction: $_____ Tax liability (round to the nearest dollar): $____Required information Problem 7-45 (LO 7-2) (Algo) [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children, Matt works as a history professor at a local university and earns a salary of $68,500. Meg works part time at the same university. She earns $44,500 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules, Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. Problem 7-45 Part-a (Algo) a. What is the Comers' tax liability for 2023 if they report the following capital gains and losses for the year? $ 9,750 (2,750) Short-term capital gains Short-term capital losses Long-term capital gains Long-term capital losses Total tax liability 15,200 (7,500)
- Required information [The following information applies to the questions displayed below] In 2023, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and are both 23 years old. Their only sources of income are gains from stock they held for three years before selling and wages from part-time jobs. What is their earned income credit in the following alternative scenarios if they file jointly? Use Exhibit 8-10. Note: Leave no answer blank. Enter zero if applicable. Check my work c. Their AGI is $30,000, consisting of $23,000 of wages and $7,000 of lottery winnings (unearned income) Note: Round your intermediate calculations to the nearest whole dollar amount. Earned income creditProblem 14-59 (LO 14-5) (Algo) Tamar owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in connection with her condo: Insurance. Advertising expense Mortgage interest Property taxes $ 1,330 700 5,700 1,330 750 Repairs & maintenance. Utilities Depreciation 1,030 12,050 During the year, Tamar rented out the condo for 83 days, receiving $15,500 of gross income. She personally used the condo for 53 days during her vacation. Tamar's itemized deduction for nonrental taxes is less than $10,000 by more than the property taxes allocated to the rental use of the property. Assume Tamar uses the Tax Court method of allocating expenses to rental use of the property. Assume 365 days in the current year. Note: Do not round apportionment ratio. Round all other dollar values to the nearest whole dollar amount. Required: a. What is the total amount of for AGI (rental) deductions Tamar may deduct in the current year related to the condo (assuming she itemizes…Income Tax Credits (LO. 6) Refer to Exhibit 8-5 and 8A-1 SCHEDULE EIC (EARNED INCOME CREDIT) 2018 EARNED INCOME CREDIT TABLE to answer the following questions. Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina is single and earns $6,800 in salary for the year. In addition, she receives $2,200 in unemployment compensation during the year. b. C. Lachlan is single with one dependent child. During the year, he earns $8,000 as a waiter and receives alimony of $10,000 and child support of $5,000. Zorica is a single parent with two dependent children. She earns $19,000 from her job as a mechanic. She also receives $3,000 in child support from her ex-husband. d. Elliot and Pam are married and have three dependent children. Elliot and Pam earn $12,000 and $9,000 from their jobs, respectively. They receive $800 in interest and $1,000 in dividend income. Assume the taxpayer files a joint return.
- Exercise 3-21 (Algorithmic) (LO. 2) Compute the 2023 standard deduction for the following taxpayers. If an amount is zero, enter "0". a. b. Ellie is 15 and claimed as a dependent by her parents. She has $725 in dividends income and $2,800 in wages from a part-time job. C. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $12,105. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $480, and her interest income is $785. d. Frazier, age 30, is married but is filing a separate return. His wife itemizes her deductions.Problem 8 - 70 (LO 8-4) (Algo) Skip to question [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 18, at year - end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8 - 8. Problem 8 - 70 Part a (Algo) a. His AGI is $103,300. b. His AGI is $431, 000. EXHIBIT 8 -8 Child Tax Credit Phase - Out Threshold S EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Married filing jointly Married filing separately Head of household and single Phase-Out Threshold $400,000 200,000 200,000Required information Problem 6-66 (LO 6-1) (Algo) [The following information applies to the questions displayed below.] This year Diane intends to file a married-joint return. Diane received $192,100 of salary and paid $8,600 of interest on loans used to pay qualified tuition costs for her dependent daughter, Deb. This year Diane has also paid moving expenses of $4,550 and $30,600 of alimony to her ex-spouse, Jack, who she divorced in 2013. Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. Problem 6-66 Part-b (Algo) b. Suppose that Diane also reported income of $10,900 from a half share of profits from a partnership. Disregard any potential self- employment taxes on this income. What AGI would Diane report under these circumstances? X Answer is complete but not entirely correct. $ 159,000 X Diane's AGI
- Required information [The following information applies to the questions displayed below.] Julie paid a day care center to watch her two-year-old son while she worked as a computer programmer for a local start- up company. What amount of child and dependent care credit can Julie claim in 2021 in each of the following alternative scenarios? Use Exhibit 8-10 a. Julie paid $2,500 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 1.040 b. Julle paid $6,250 to the day care center and her AGI is $51,000 (all salary). Child and dependent care credit S 2,600 X c. Julle paid $6,500 to the day care center and her AGI IS $125,300 (all salary). Child and dependent care credit d. Julie paid $4,500 to the day care center and her AGI is $400,300 (all salary). Child and dependent care credit e. Julle paid $6,500 to the day care center and her AGI is $14,000 ($4,500 salary and $9,500 unearned Income). Child and dependent care creditProblem 3-28 (LO. 1, 8) The following information applies to Emily for 2021. Her filing status is single. Salary Interest income from bonds issued by Xerox Alimony payments received (divorce occurred in 2014) Contribution to traditional IRA Gift from parents Short-term capital gain from stock investment Amount lost in football office pool (gambling loss) Age Emily has no gambling winnings this year. Click here to access the standard deduction table to use. Indicate whether the following items are taxable or nontaxable to Emily. Salary Gift from parents Alimony payments received Short-term capital gain from stock investment Interest income from bonds issued by Xerox Identify whether the items are deductible (fully or partially) by Emily. Amount lost in football office pool Contribution to a traditional IRA Emily's taxable income in 2021 is $ $85,000 1,100 6,000 6,000 25,000 2,500 500 40Required information Problem 13-85 (LO 13-5) (Algo) [The following information applies to the questions displayed below.] Rita is a self-employed taxpayer who turns 39 years old at the end of the year (2022). In 2022, her net Schedule C income was $294,000. This was her only source of income. This year, Rita is considering setting up a retirement plan. What is the maximum amount Rita may contribute to the self-employed plan in each of the following situations? Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Problem 13-85 Part a (Algo) a. She sets up a SEP IRA. Maximum contribution