Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2022 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent).

Stephanie is 12 years old and often assists neighbors on weekends by babysitting their children. Calculate the 2022 standard deduction Stephanie will claim under the following independent circumstances (assume that Stephanie's parents will claim her as a dependent).

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Related questions

Q: In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding…

A: To calculate Henry's QBI deduction and tax liability, we need to consider the QBI deduction rules…

Q: For the person below, calculate the FICA tax and income tax to obtain the total tax owed. Then find…

A: FICA Tax: FICA stands for Federal insurance contribution act. It is mandatory as per U.S law in…

Q: 1. If Cindy invests $2000 in an RRSP, how will this affect her tax return? 2. Indicate whether the…

A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…

Q: Jordan took a business trip from New York to Denver. She spent two days in travel, conducted…

A: Expenses incurred while traveling away from home for business purposes are deductible if they are…

Q: Tonya (a single taxpayer) had the following items for last year: Salary $40,000 Short-term capital…

A: The sum of a person's earnings before tax and other deductions is their gross income. Salary,…

Q: Jasmine had 39000 wages, 14328 in alimony, 6200 in unemployment

A: Answer: Any income earned in wages and salary are part of gross income of any tax payer. Any amount…

Q: ertrude's wages are 42000. Her savings interest earned is 60$. She contributed 3000$ to an IRA. What…

A: Gross income refers to an amount earned as an income by the individuals before any deductions and…

Q: Jordan took a business trip from New York to Denver. She spent two days in travel, conducted…

A: The cost of traveling for the purpose of conducting any type of business or profession is referred…

Q: Determine the amount of the late filling and late payment penalties that apply for the following…

A: Any individual or business that fails to pay taxes on time may incur a penalty. Every year, people…

Q: Jordan took a business trip from New York to Denver. She spent two days in travel, conducted…

A: The cost of traveling for the purpose of conducting any type of business or profession is referred…

Q: Shelby has net investment income of $ 15,035 and wage income of $65,000 . She paid investment…

A: Net investment income amount $15,035 is considered as shelby deduction for investment interest…

Q: Hong earns $148,500 in her job as a physician's assistant. She also has her own business selling…

A: The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security and…

Q: Sarah owns a jewelry store and prepares her financial statements using the accrual method of…

A: The objective of the question is to calculate the net income of Sarah's business under the cash…

Q: Payments made by an employer for health insurance on behalf of an employee are considered income to…

Q: How did you find out that Tai Yan is responsible for $121.07? Or Jana is responsible for $83.34? Or…

A: Insurance is defined as an arrangement for securing the life of an individual or to compensate the…

Q: Which one of the following would be included in Bob's gross income? Bob received $1,000 worth of…

A: When we compute the tax liability of a person we focus on gross income of that person. Gross…

Q: Can anyone help me with this? I want to throughly understand the steps. Ive followed examples in the…

A: Maximum Child Tax Credit (Tax Rule 2023)Age upto 5 years = 2,000 for each qualifying child6 to 17…

Q: On October 1, 2023, B's employer provided her with the use of a car. The car was purchased for…

A: The taxable income is the portion of an individual's or entity's income that is subject to taxation…

Q: In the current year, Clara rented her apartment on AirBnb for 13 days. She received gross rental…

A: The above question involves calculating the income and expenses for a rental activity carried out by…

Q: Jan, a single taxpayer, has adjusted gross income of $250,000, medical expenses of $10,000, home…

A: Introduction:Itemized deductions are specific expenses that eligible taxpayers can subtract from…

Q: ASLEY is in the business of purchasing accounts receivable from businesses at a discount and then…

A: Accounts receivable represents the revenue earned by the company but money for the same has not been…

Q: Determine the amount of the child tax credit in each of the following cases: B) a single parent…

A: Answer:-In tax law, modified adjusted gross income (MAGI) is used to establish eligibility for…

Q: a. What amount of these costs can Melissa deduct as business expenses? b. Suppose that while…

A: A deductible expense is an expense that is considered normal or reasonable in the course of…

Q: In which of the following situations may the taxpayer take an education expense on Schedule C?…

Q: Rachel is single and has wages of $162,950 and dividend income of $97,770. She has no investment…

A: Formula: Gross Income = Wages income + Dividend income.

Q: Brian is an unmarried dependent child who works part time at a local restaurant. During the year,…

A: For tax year 2023, the standard deduction for a dependent is typically limited to the greater…

Q: Donna owns and operates a dress shop

A: As per IRS rules , if you are a sole proprietorship business…

Q: a. Fran spent $182 for uniforms for use on her job. Her employer reimbursed her for $116 of this…

Q: If you are self-employed and earn $260,000, what are your FICA taxes

A: Tax is the charges levied by the central and state government on the net income, sale or capital…

Q: Please correct answer and don't use hend raiting

A: The present value of $1750 that will be paid in 4 years will be computed. Note that present value =…

Q: Joseph travels from his home in Massachusetts and flies to Paris to attend meetings related to his…

A: According to the IRS (Internal Revenue Service) rules, if a trip to another country is primarily for…

Q: Evelyn has rental income of $42,500 and passive income of $14,250. She also has $127,500 of losses…

A: Rental loss to be deducted = Passive activity loss allowed + Additional $25,000 (as AGI is less than…

Q: axpayer had AGI of $60,000 in year 1. During the same year, the taxpayer incurred $10,000 in…

A: Medical expenses are one of the most common itemized deductions that taxpayers claim on their tax…

Q: Maureen Smith is a single individual. She claims a standard deduction of $12,400. Her salary for the…

A: The objective of the question is to calculate Maureen Smith's taxable income for the year. The…

Q: In 2020, Ms. Montibon owns a grocery store with gross receipts of P1,375,000. Her cost of sales and…

A: VAT rate (Business Tax) in Philippines currently stands at 12% and is chargeable on Gross Selling…

Q: Qualified Business Income (QBI

A: As per IRS rule 2022 the deduction for QBI is lower of 1]20% of the net…

Q: Sally received $71,200 of compensation from her employer and she received $410 of interest from a…

A: Introduction: Salary: Salary is given to employees for their time contribution with the company.…

Q: Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as…

A: The Earned Income Credit (EIC) is a tax credit available to eligible individuals and families with…

Q: llene rents her second home. During the year, llene reported a net loss of $15,700 from the rental.…

A: correct answer is $10,450

Question

-Stephanie reported $2,040 of earnings from her babysitting. What is the standard deduction?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

(d) What is Kevone's taxable income? (e) Kevone paid $16,300 in taxes last year. Will Kevone get a refund? If so, how much? If not, how much does he owe?
B6 Which of the following taxpayers will have an adjustment on their Schedule CA (540), Part I, Section A, line 1? Abdul earned $40,000 of wages while working at the local pharmacy. Dana won $2,000 from the California Lottery. Milo cashed U.S. Savings Bonds yielding $300 of interest. Sasha received ridesharing fringe benefits that were excluded from income on her federal return.
Corina is self-employed. In 2020, her net profit from self-employment was $200,000, and she has no other income. What is Corina's SE tax liability? Round your answer to the nearest whole dollar.
Ms. Gleason, an unmarried taxpayer, had the following income items: $ 40,800 2,220 Salary Net Income from a rental house Savva Ms. Gleason has a four-year-old son who attends a day care center while she is at work. Ms. Gleason paid $4,000 to this center and has no itemized deductions. Child credit Dependent credit Income tax Required: Compute Child Credit, Dependent Credit, and her income tax after these two credits. Assume the taxable year is 2021. Use Individual Tax Rate Schedules and Standard Deduction Table (Round your intermediate computations to the nearest whole dollar amount.) Amount Help S 2.000 Save & Exit Check my
Enter the taxpayer's gross income for each of the following independent situations. If an amount is zero, enter "0". Taxpayer's Gross Income a. Darrin received a salary of $50,000 from his employer, Green Construction. $fill in the blank 1 b. In July, Green gave Darrin an all - expense - paid trip to Las Vegas (value of $3,000) for exceeding his sales quota. $fill in the blank 2 c. Marta received $10,000 from her employer to help her pay medical expenses not covered by insurance. $fill in the blank 3 d. Blake received $15,000 from his deceased spouse' s employer as compensation for a bonus earned prior to death. $fill in the blank 4 e. Clint collected $50,000 as the beneficiary of a group term life insurance policy when his wife died. The premiums on the policy were paid by his deceased wife's employer. $fill in the blank 5
Social Security. Dorinda earned $110,000. How much did she pay in Social Security taxes? The amount Dorinda paid in Social Security taxes is $ (Round to the nearest dollar.) GULD
Find the amount returned to a single taxpayer who made $17000 last year and can deduct $12000. The withholding amount was $2000. (Note: assume no earned income credit)
Which of the following items are inclusions in gross income? a. During the year, stock that the taxpayer purchased as an investment doubled in value. b. Amount an off-duty motorcycle police officer received for escorting a funeral procession. c. While his mother was in the hospital, the taxpayer sold some of her jewelry to help pay for the hospital bills. d. Child support payments received. e. A damage deposit the taxpayer recovered when he vacated the apartment he had rented. f. Interest received by the taxpayer on an investment in general purpose bonds issued by IBM. g. Amounts received by the taxpayer, a baseball "Hall of Famer," for autographing sports equipment (e.g., balls and gloves). h. Tips received by a bartender from patrons. (Taxpayer is paid a regular salary by the cocktail lounge that employs him.) I. Taxpayer sells his Super Bowl tickets for three times what he paid for them j. Taxpayer receives a new BMW from his grandmother when he passes the CPA exam.
Jill is self-employed in the commercial plant care business. The business earned $120,000 in revenue and has $36,000 in business expenses. How much does Jill owe in FICA taxes? Select answer from the options below $11,868.82. $16,955.46. $12,852.00. $18,360.00.
Itemized Deduction. Aine’s adjusted gross income is $75,000. She has $12,200 in unreimbursed medical expenses. How much in medical expenses can she claim as an itemized deduction?
please help me
Tamara works for FunCorp. She makes $65,000 per year in salary. How much does she pay in FICA taxes for the year? $4,030.00 O $4,972.50 O $8,060.00 O $9,945.00

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS