Exercise 12-16 (LO. 4)Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2022, they earn wages of $34,000 and noother income.Round your intermediate computations to the nearest dollar. Click here to access the Earned Income Credit and PhaseoutPercentages Table.Determine the amount of their earned income credit for 2022.6,935 X

Earned income credit Earned Income Tax Credit (EITC) is a tax credit in the U S. The Earned Income…

Answered: Samuel and Annamaria are married, file…

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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Mahmet earned wages of $148,800 during 2022. Mahmet qualifies to file as head of household and claims two dependents under the age of 17. How much FICA tax is Mahmet's employer responsible to remit in 2022? Multiple Choice $21,935.40. $21,123.20. $22,543.20
Sherina Smith (Social Security number 785-23-9873) lives at 536 West Lapham Street, Milwaukee, WI 53204, and is self-employed for 2020. She estimates her required annual estimated income tax payment for 2020 to be $8,468. She was required to pay $254 when she timely filed her prior year tax return. Complete the first quarter voucher below for Sherina for 2020. Form1040-ESDepartment of the TreasuryInternal Revenue Service 2020 Estimated Tax Payment Voucher 1 OMB No. 1545-0074 File only if you are making a payment of estimated tax by check or money order. Mail this voucher with your check or money order payable to “United States Treasury.” Write your social security number and “2020 Form 1040-ES” on your check or money order. Do not send cash. Enclose, but do not staple or attach, your payment with this voucher. Calendar year—Due April 15, 2020 Amount of estimated tax you are paying by check or money order. Dollars Cents fill in the blank 1
Carolyn has an AGI of $38,800 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? (Exhibit 8-10) Multiple Choice $0 $2,973 $4,152 $3,631 $6,604
For tax year 2023Cindy has work-related dependent care expenses of $3,200 for the care of one qualifying person, and work-related dependent care expenses of $3,800 for another qualifying person. What amount of these work-related expenses may Cindy use when figuring the Child and Dependent Care Credit? A) $2,800 B) $3.000 C) $7,000 D) $6,000
Cory Hunter's earnings are subject to deductions for Social Security, Medicare, and FIT. To date his cumulative earnings are $110,000. This week Cory earns $2,000. Cory, who is married, is paid weekly and files jointly. Assume the Social Security rate is 6.2% on a maximum of $ 142,800 and 1.45% for Medicare. Use percentage method to calculate FIT. His net pay for the week is ? A $1, 956.17 B $2, 036.60 C $1, 672.60 D $2,031.70
Please explain every step. Thank you
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
Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2022, they earn wages of $40,600 and 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
Mr. Babu Kamil is a married person and have a net income of $85,000 in 2021. His spouse has a net income of $4500 and she has no mental or physical infirmity. Calculate the spousal amount to be claimed in Line 30300 $13808 – 4500 = $9,308 Calculate the spousal credit (how much credit Mr. Babu gets from this amount). $9308*15% = $1396.20
J3.
please explain in step to step on how to get this answer. answer is 95,259.00 Jason graduated in 2017 and landed a job after graduation in Orlando for Finance. If his taxable income for 2019 is $68000, how much federal income tax will he owe given the 2019 federal income tax brackets below? 15% on the first $47,630 of taxable income, plus 20.5% on the next $47,629 of taxable income (on the portion of taxable income over 47,630 up to $95,259), plus 26% on the next $52,408 of taxable income (on the portion of taxable income over $95,259 up to $147,667), plus 29% on the next $62,704 of taxable income (on the portion of taxable income over 147,667 up to $210,371), plus 33% of taxable income over $210,371
Scenario: Emma (age 30) and Brad (age 32) are considering getting married before the end of 2022. The following summarizes their income and deductions: Brad Emma ABC Salary 112,000 94,000 Itemized Deductions 21,700 11,800 Requirements: Compute 2022 (1.) taxable income; (2.) income tax liability; and (3.) the average tax rate under the following scenarios. Provide the details of your computations and use formulas when appropriate. They get married on December 1, 2022 and they choose to file married joint. They get married on January 1, 2023. What is the tax consequence to Emma and Brad, if they get married on December 1, 2022?

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