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Chad and Jason Roberts paid $8,500 during the year for childcare for their three children, aged 2, 6 and 11. Chad's annual salary was $12,000 and Jason's annual salary was $42,000. Chad can deduct the $8,500 paid from his income. True or false?
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- Lane is single and has two dependent children. Financial records show the following items in the current year: Gift from a friend Dividends received on stock $12,000 $1,200 $1,000 $35,000 $6,000 $12,000 Price won in state lottery Salary from employer Child support received from ex-spouse Alimony received from ex-spouse How much is Lane's adjusted gross income for the current year? a. $47,000. b. $48,200. c. $49,200. d. $67,200.1.Kevone is single and works for a local tech firm. He earned $87,000 last year in taxable wages, had $850 in interest on his savings. He contributed $3500 to an IRA. For deductions, he paid $8500 in real estate taxes, paid $2000 in sales taxes, paid $1500 for memberships in professional organizations, and made a $1000 gift to charity. He is eligible for $4000 in various tax credits. (Use the table below for marginal tax rates, standard deductions and exemptions.) Tax Rate Single up to $9325 up to $37,950 up to $91,900 up to $191,650 up to $416,700 up to $418,400 above $418,400 $6350 10% 15% 25% 28% 33% 35% 39.6% Standard deduction Exemption $4050 (per person) Married Filing Jointly up to $18,650 up to $75,900 up to $153,100 up to $233,350 up to $416,700 up to $470,700 above $470,700 $12,700 (b) What is Kevone's AGI? $4050 (a) What is Kevone's gross income? Married Filing Separately up to $9325 up to $37,950 up to $76,550 up to $116,675 up to $208,350 up to $235,350 above $235,350…Tin rents her beach house for 60 days and uses it for personal use for 30 days during the year. The rental income is $6,000 and the expenses are as follows: Mortgage interest $9,000 Real estate taxes 3,000 Utilities 2,000 Maintenance 1,000 Insurance 500 Depreciation (rental part) 4,000 Using the IRS approach, total expenses that Tin can deduct on her tax return associated with the beach house are: a.$6,000. b.$0. c.$8,000. d.$12,000.
- Boyd Salzer, an unmarried individual, has $246,400 AGI consisting of the following items: Salary Interest income $ 214,000 3,800 Dividend income 11,100 Rental income from real property 17,500 1. Compute Mr. Salzer's Medicare contribution tax. 2. Compute the Medicare contribution tax if Boyd Salzer files a joint income tax return with his wife Harriet.Jada is a 16-year-old child who is claimed as a dependent by her parents. Jada's only income is $1,400 from her savings account. What is the amount of Jada's standard deduction for 2023? a. $1,250 b. $13,850 c. $1,850 d. $1,400Jeremiah 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 Credit
- Vijay 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.…Carrie, age 55, is an employee of Rocket, Inc. (Rocket). Rocket sponsors a SEP IRA and would like to contribute the maximum amount to Carrie’s account for the plan year. If Carrie earns $14,000 per year from Rocket, what is the maximum contribution Rocket can make on her behalf to the SEP IRA? a. $3,500. b. $14,000. c. $19,500. d. $57,000.Amy earns an income of 50,000 this year as an employee of rooster enterprises. She pays the following amounts during the year: Contribution to Traditional IRA : 5000 PreTax Cuts and Jobs Act Alimony she paid to her ex husband: 10,000 Medical expenses: 6000 What is Amy's Adjusted Gross Income? (AGI) a. 29000 b. 34000 c. 35000 d. 39000
- Troy is single, runs his own hardware business and paid $3500 in healthcare insurance premiums for himself during the current tax year. Troy's net profit from the business is $225,000. What percentage of his healthcare premium can Troy deduct in the current tax year?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…Toby and Nancy are engaged and plan to get married. During 2023, Toby is a full-time student and earns $6,700 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and has wages of $85,800. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer to the nearest whole dollar. a. Compute the following: Gross income and AGI Standard deduction (single) Taxable income Income tax Toby Filing Single $ $ 6,700 Nancy Filing Single $ $ $ 85,800
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