Rex and Dena are married and have two children, Michelle (age seven) and Nancy (age five). During 2021, Rex earned a salary of $26,500, received interest income of $300, and filed a joint income tax return with Dena. Dena had $0 gross income. Their earned income credit for the year is: Oa. $5,763. Ob. $0. c. $5,980. Od. $5,700.
Q: During 2018, the Smiths and the Joneses both filed joint tax returns. For the tax year ended…
A: Answer: Tax on Smith taxable income of $130000 based on tax rates for joint returns…
Q: Fred, age 67, and Freda, age 66 and blind, are married and will file a joint return for 2020.…
A: Income from Wages and Salaries are fully taxable and reported in the return. Interest income is also…
Q: ne, a married couple filing a joint tax return, had taxable income of $145,000 for 2021. They have…
A: Marginal Tax - The tax rate applied to the subsequent dollar of income is known as the marginal tax…
Q: Angelena files as a head of household. In 2019, she reported $53,450 of taxable income, including a…
A: Step 1 The taxable regular income is $43,450. It is obtained by subtracting the dividend with a…
Q: L. A. and Paula file as married taxpayers. In August of this year, they received a $6,500 refund of…
A: It is the amount of income, that is not subject to tax and reduces the taxpayer’s tax liability. The…
Q: Meg and Ryan are married and file a joint return. Recall that the 2023 standard deduction amount for…
A: Gross income is the total income earned by an individual or business before deducting any…
Q: Frieda has the following income items in 2023: Sole proprietorship income of $200,000 General…
A: Self-employment taxes include two types of taxes : Social Security Taxes & Medicare Taxes. For…
Q: n 2021, Margaret and John Murphy (age 66 and 68, respectively) are married taxpayers who file a…
A: Answer:- Deductions are the expenses that are subtracted from the taxpayer's gross income (GI) to…
Q: Lucy is 17 years old and a dependent of her parents. She receives $9,000 of wages from a part-time…
A: Lucy is 17 years below 19 years of age and hence qualified for children tax rate Wages =9000…
Q: Betty, age 39 and Steve, age 50, are married with two dependent children. They file a joint return…
A: The following computations are done for Betty and Steve.
Q: Mickey and Jenny
A: The investment represents the employment of funds to something from where the company would get some…
Q: Curly and Rita are married, file a joint return, and have two dependent children, ages 11 and 13.…
A: For the 2020 tax year, the child tax credit is $2,000 per qualifying child. The threshold limit for…
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: Grady received $8,200 of Social Security benefits this year. Grady also reported salary and interest…
A: Answer:- Gross Income meaning:- Gross Income includes all gross pay before deduction by way of pay…
Q: Bruce Miller's filing status is married filing separately, and he has earned gross pay of $3,200.…
A: Medicare tax rate is 1.45% and if total earnings are above $200000, then additional tax rate of 0.9%…
Q: Charles and Ann are married, file a joint tax return, and report AGI of $135,300. They have two…
A: Child tax credit is the credit amount received to the individuals who have dependent children and…
Q: 17. Horatio and Magdalena are married, file a joint return, and have two children, ages 3 and 6.…
A: for tax year 2022, U.S households must have a combined income of less than $15,000 to get maximum…
Q: Porter file a joint tax return, and they itemize deductions. The Porters incur $2,000 in investment…
A: Investment interest expense refers to the sum value of interest paid regarding a loan by an entity…
Q: J and K are a married couple filing jointly, with two children age 14 and 18. They have adjusted…
A: Answer: The child tax credit = c. $1,100The child tax credit is a refundable tax credit. For 2018…
Q: additional 0.9% Medicare tax
A: Additional medicare tax is levied on the amount over and above $2,00,000 at the rate of 0.9%. The…
Q: Norm and Linda are married, file a joint return, and have one 5 year old child. Their AGI is…
A: Total tax is the sum of all taxes owed by a taxpayer for the year in the context of personal income…
Q: Moe and Pearl are married, file a joint return, and have two dependent children, ages 11 and 13.…
A: AGI = $ 417,000 No.of Children = 2
Q: $0 $14,200 14,200 54,200 54,200 86,350 86,350 164,900 164,900 209,400 209,400 523,600 523,600 VARIE…
A: Introduction The portion of your income that is not taxed that may be utilized to lower your tax…
Q: a.$1,350 will be refunded with their return. b.$900 will be refunded wit
A: 1. c. $1,350 will be due with their return in addition to amounts withheld.
Q: Bob and Carol file their tax returns using the married filing jointly status. Their 2021 AGI is…
A: Determination of tax breaks for adoption expense Qualified expenses paid personally Paid by…
Q: Jillian and Greg are married and file a joint return. They expect to have $420,000 of taxable income…
A: Requirement aWe have, Taxable income = $420,000Additional deduction, if residence is purchased =…
Q: What amount can she claim for the California Child and Dependent Care Expenses (CDC) Credit?
A: The Child and Dependent Care (CDC) Credit serves as a tax relief measure aimed at aiding taxpayers…
Q: a. What is the amount of the Porters’ investment interest expense deduction for the year? b. What…
A:
Q: L. A. and Paula file as married taxpayers. In August of this year, they received a $5,200 refund of…
A: a. In this situation L.A. and Paula consider standard deduction only, because standard deduction…
Q: Sheila and Joe Wells are married with two dependent children. During 2021, they have gross income of…
A: Taxable income refers to the income on which the taxpayer is liable to pay the desired tax as stated…
Q: Basic Variance Analysis, Revision of Standards, Journal Entries Petrillo Company produces engine…
A: Variance analysis: it is analyzing the differences between the cost actually incurred to that of the…
Q: Paola and Isidora are married; file a joint tax return; report modified AGI of $143,480; and have…
A: To claim the American Opportunity credit, the student must be pursuing a degree or other recognized…
Q: Rahul and Ruby are married taxpayers. They are both under age 65 and in good health. For 2020 they…
A: The adjusted gross income of a person is equal to their total gross income less specific deductions.…
Q: Yanni, who is single, provides you with the following information for 2021: Salary State income…
A: The taxable income is computed by deducting all the eligible deductions from gross income.Taxable…
Q: 24%, what is Patricia's gross tax liabi
A: First 1100 qualifies at standard rate i.e, 10% Excess of 2200 is at guardians rate
Q: What is the maximum amount that Terry and Jennifer may each deduct for contributions to their…
A: Pension plan: Pension plan can be defined as the plan where both employer and employee contribute…
Q: The Chungs are married with one dependent child. They report the following information for 2022:…
A:
Q: Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following…
A: Please find the calculation of AGI, Taxable Income & Total Tax Liability of Wilson's in step 2…
Q: Mike and Julie Bedard are a working couple. They will file a joint income tax return. This year they…
A: The tax principles serve as guiding principles for policymakers, tax administrators, and taxpayers…
Q: In 2019, Margaret and John Murphy (both over age 65) are married taxpayers who file a joint tax…
A: In Schedule A, Form 1040, deduction of only that portion of medical expense in available, which…
Q: Bernadette files as head of household and claims her two children, both under age 16. Her 2021 AGI…
A: The term "tax credit score" refers to an amount of cash that taxpayers can subtract at once from the…
Q: William and Annette Johnson (both age 45) are married taxpayers who file a joint return. They have a…
A: You have posted multiple part question so as per our policy it is not allowed to answer all parts,…
Q: Diego, age 28, married Dolores, age 27, in 2021. Their salaries for the year amounted to $48,000.…
A: Federal income tax - The Internal Revenue Service (IRS) levies a tax on the annual earnings of…
Q: Chris and Heather are engaged and plan to get married. During 2020, Chris is a full-time student and…
A:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Calculate the 2020 tax liability and the tax or refund due for each situation. Round your answers to the nearest dollar. a. Mark is single with no dependents and has a taxable income of $62,600. He has $9,500 withheld from his salary for the year. b. Harry and Linda are married and have taxable income of $62,600. Harry has $5,270 withheld from his salary. Linda makes estimated tax payments totaling $2,600. c. Aspra is single. His 20-year-old son, Calvin, lives with him throughout the year. Calvin pays for less than one-half of his support and his earned income for the year is $2,980. Aspra pays all costs of maintaining the household. His taxable income is $62,600. Aspra’s withholdings total $8,300. d. Randy and Raina are married. Because of marital discord, they are not living together at the end of the year, although they are not legally separated or divorced. Randy's taxable income is $25,500, and Raina's is $62,600. Randy makes…Jeremiah and Jonnie Chaulk are married and have three dependent children, ages 3, 6, and 9. Assume the taxable year is 2023. Required: a. Compute their child credit if AGI on their joint return is $90,300. b. Compute their child credit if AGI on their joint return is $464,700. c. Compute their child credit if AGI on their joint return is $198,000, and assume that they also have one non-child dependent who meets the requirements for the child credit. Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute their child credit if AGI on their joint return is $90,300. Child CreditVijay and Lina Mehta are married with two dependent children. They paid $7,200 of wages to a nanny to care for their children and $549 employer payroll tax on these wages. The Mehtas file a joint return. Assume the taxable year is 2023. Required: a. Compute their dependent care credit if the children are ages 10 and 15. Vijay's earned income is $75,000 and Lina has no earned income. Their AGI is $81,300. b. Compute their dependent care credit if the children are ages 2 and 6. Vijay's earned income is $45,000 and Lina's earned income is $28,000. Their AGI is $81,300. c. Compute their dependent care credit if the children are ages 2 and 6. Vijay's earned income is $245,000 and Lina's earned income is $280,000. Their AGI is $475,000. Complete this question by entering your answers in the tabs below. Required Required 8 Required C Compute their dependent care credit if the children are ages 10 and 15. Vijay's earned income is $75,000 and Lina has no earned income. Their AGI is $81,300.…
- Alex and Addison are married and have the following income items: Alex's salary Addison's Schedule C net profit Interest income $ 52,750 33,000 1,700 Addison's self-employment tax was $4,663. Addison's Schedule C net business profit is qualified business income (non-service). The couple have $8,870 itemized deductions and no children or other dependents. Required: Compute their income tax on a joint return. Assume the taxable year is 2022. Use Individual Tax Rate Schedules and Standard Deduction Table. Note: Round your intermediate calculations and final answers to the nearest whole dollar amount. Answer is complete but not entirely correct. AGI Taxable Income Income Tax $ $ $ Amount 85,118 52,618 X 5,903 X18. Rex and Dena are married and have two children, Michelle (age seven) and Nancy (age five). During 2022, Rex earned a salary of $27,500, received interest income of $300, and filed a joint income tax return with Dena. Dena had $0 gross income. Their earned income credit for the year is: a.$0. b.$5,840. c.$5,903. d.$6,164.1. Mary is age 33 and a single taxpayer with adjusted gross income for 2018 of $29,400. Mary maintains a home for three dependent children and has itemized deductions of $3,000. Calculate the following amounts for Mary's 2018 income tax return: a. Mary's standard or itemized deduction amount b. Mary's taxable income 2. Steven, age 35 and single, is a commodities broker. His salary for 2018 is $111,500 and he has taxable interest income of $40,000. He has no deductions for adjusted gross income. His itemized deductions are $31,000. Steven does not have any dependents. a. What is the amount of his adjusted gross income? b. What are his allowable itemized deductions? c. What is his deduction for personal exemptions? d. What is his taxable income? e. What is his regular tax liability from the tax rate schedules?
- Victor and Maggie file a joint tax return for 2022 with adjusted gross income of $104,000. Victor and Maggie earned income of $30,000 and $74,000, respectively, during 2022. In order for both parents to be gainfully employed, they pay the following child care expenses for their 4-year-old son, J.J.:Union Day Care Center$6,700Wendy (Victor's mother) for babysitting4,000What is the amount of the child and dependent care credit they should report on their tax return for 2022 (assume no tax liability limitation)? a. $3,000 b. $2,899 c. $3,745 d. $810For the following taxpayers, determine if they are required to file a tax return in 2022. Required: a. Ricko, single taxpayer, with gross income of $17,300. b. Fantasia, head of household, with gross income of $17,200. c. Ken and Barbie, married taxpayers with no dependents, with gross income of $22,300. d. Dorothy and Rudolf, married taxpayers, both age 68, with gross income of $24,200. e. Janyce, single taxpayer, age 73, with gross income of $13,200.Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2023, they earn wages of $57,900 and have no other income. Round your intermediate computations and final answer to the nearest dollar. Click here to access the Earned Income Credit and Phaseout Percentages Table. The earned income credit is $
- Joyce, a single parent, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2023. She uses the standard deduction and files as a head of household. Round all computations to the nearest dollar. Click to access Earned Income Credit and Phaseout Percentages Table and the Tax Rates Schedules. a. Calculate the amount, if any, of Joyce's earned income credit. 2,696 X b. During the year, Joyce is offered a new job that has greater future potential than her current job. If she accepts the job offer, her earnings for the year will be $40,400; however, she is afraid she will not qualify for the earned income credit. Determine the increase or decrease in Joyce's net cash flow if she accepts the new job. Since the child tax credit will be the same under either scenario, you can ignore it for purposes of this analysis. Use the Tax Rate Schedule when computing her income tax. Tax calculation: Salary Less: Standard deduction Taxable income…D and J are married and file a joint return. They live in New York. The standard deduction for their filing status is $25,500 They have the following itemized deductions: Medical Bills that exceeded the 7.5% limit $12,000 Mortgage Interest expense $24,500Property tax $11,000 State Sales tax $7000Miscellaneous deductions $10,050 Should they itemize their deductions or use the standard deduction?a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost Refer to the information provided and compute the child and dependent care tax credit. Child and dependent Qualifying expenses eligible Applicable percentage care tax credit Requirement = Print % = For each of the independent situations, determine the amount of the child and dependent care tax credit. (Assume that both taxpayers are employed and the year is 2022.) Done X Independent Situations a. Bruno and Bridget are married and file a joint return, with earned income of $48,000 and $12,000, respectively. Their combined AGI is $58,000. They have two children, ages 10 and 12, and employ a live-in nanny at an annual cost of $8,000. b. Assume the same facts as in Part a, except that Bruno and Bridget employ Bridget's mother, who is not their dependent, as the…