EXHIBIT 8-11 2021 Earned Income Credit Table(4)No Credit When AGI(or earned income ifgreater) Equals orExceeds This Amount(1)(3)Maximum AGI (or earned incomeCredit Phase-Out forMaximum Earned(5)QualifyingIncome Eligible(2)Creditif greater) Over ThisPhase-OutChildrenfor CreditCredit %(1) x (2)AmountPercentage(4) + [(3)/(5)]Married taxpayers filing joint returns$ 9,82015.3%$1,502$14,82015.3%$24,637110,640343,61825,47015.9848,108214,950405,98025,47021.0653,8653+14,950456,72825,47021.0657,414All taxpayers except married taxpayers filing joint returns$ 9,82015.3%$ 1,502$ 11,61015.3%$21,427110,640343,61819,52015.9842,158214,950405,98019,52021.0647,9153+14,950456,72819,52021.0651,464Source: Internal Revemue Code. "Rev. Proc. 2020-45." www.irs.gov. Required information[The following information applies to the questions displayed below.]In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his incomeis from salary and he does not have any for AGI deductions.What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round yourintermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero ifapplicable.)c. Zach is 29 years old and his AGI is $19,000.Earned income credit

Solution Tax Deduction refer to the claim made to reduce your taxable income ,arising from various…

! Required information [The following information applies to the questions displayed below.] In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) c. Zach is 29 years old and his AGI is $19,000. Earned income credit

! Required information [The following information applies to the questions displayed below.] In 2021, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary and he does not have any for AGI deductions. What is his earned income credit in 2021 in the following alternative scenarios? Use Exhibit 8-11. (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) c. Zach is 29 years old and his AGI is $19,000. Earned income credit

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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Exercise 3-18 (Algorithmic) (LO. 2) Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. а. Ellie is 15 and claimed as a dependent by her parents. She has $1,325 in dividends income and $3,680 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $13,340. С. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her 2$ earned income is $270, and her interest income is $605. d. Frazier, age 40, is married but is filing a separate return. His wife itemizes her deductions.
Which one(s) is/are true for RRSP? (There might be more than one answer). Question 1 options: The Home Buyers' Plan (HBP) is a tax-free withdrawal from an RRSP account for persons who are deemed to be first-time home buyers. An eligible person is permitted to take an withdraw up to $35,000.00 from their RRSPs to purchase or construct a home for themselves. The LLP student must be enrolled on a full-time basis at the educational institution. Students can not be enrolled on a part-time basis under any conditions. Any contribution made to an RRSP within 89 days prior to the HBP request does not qualify to be part of the HBP program. Up to $5000 net per year, over four years, up to a maximum of $20,000 net, can be redeemed per spouse for purposes of the LLP.
In 2020, Amanda and Jaxon Stuart have a daughter who is 1 year old. The Stuarts are full-time students and they 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. (Leave no answer blank. Enter zero if applicable.) a. Their AGI is $15,000, consisting of $5,000 of capital gains and $10,000 of wages.
Question 31 of 50. Review the following scenario, then choose the appropriate response describing steps a paid tax preparer must take to demonstrate due diligence. Charlie (21) comes in to your office to have his tax return prepared. He states that he is a full-tim college student with income from a part-time job, and his parents will not claim him as a dependent. He wants to claim the American Opportunity Tax Credit (AOTC). Which of the following describes an appropriate question to ask or action to take ooo Ask him if he has ever been convicted of a misdemeanor offense or had his driver's license revoked. Inform him that he may be assessed a penalty of $545 if he fails to provide all the information required. Inform him he must provide copies of all transcripts before you can prepare his retum. Request a copy of his Form 1098-T, Tuition Statement, and inquire into when and how his education and other were paid. Mark for follow up Question 32 of 50. Tee of these pro ambing systems.…
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Richard Cook Directions Using the tax software, complete the tax return, including Form 1040 and all appropriate forms, schedules, or worksheets. Answer the questions following the scenario. Note: When entering Social Security numbers (SSNs) or Employer Identification Numbers (EINs), replace the Xs as directed, or with any four digits of your choice. Interview Notes • Richard is age 39 and was widowed in 2017. He has a daughter, Isabella, age 5. • Richard provided the entire cost of maintaining the household and over half of the support for Isabella. In order to work, he pays childcare expenses to Busy Bee Daycare. • Richard declined to receive advance child tax credit payments in 2021. • Richard’s earned income in 2019 was $19,000. • Richard and Isabella are U.S. citizens and lived in the United States all year in 2021. • Richard received the third Economic Impact Payment (EIP3) in the amount of $2,800 in 2021. 33. Richard does not qualify to claim a retirement savings contribution…
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15. For 2022, how much can Siena take as an educator expense deduction for the lab supplies she purchased for her students? a. $0 b. $250 c. $300 d. $600
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 cán Julie claim in 2023 in each of the following alternative scenarios? Use Exhibit 8-9. b. Julie paid $6,150 to the day care center, and her AGI is $50,600 (all salary). Child and dependent care credit $ 1,230