Taxpayer, who is unmarried and whose filing status is Head of Household, has two dependentchildren ages 6 and 17 at year-end. Determine the amount of the child tax credit and credit forother dependents that Taxpayer is entitled to claim for the tax year if his Adjusted Gross Incomeis $207,500.a. 2,100b. 3,600c. 1,600d. 2,500

A child tax credit is the credit which is made by the tax authorities availability to the taxpayers…

Answered: Taxpayer, who is unmarried and whose…

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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Assuming they all meet the income requirements, which of the following taxpayers qualify for the earned income credit in 2019? a. A married taxpayer who files a separate tax return and has a dependent child b. A single taxpayer who waited on tables for 3 months of the tax year and is claimed as a dependent by her mother c. A single taxpayer who is self-employed and has a dependent child d. a and c above e. None of the above qualify for the earned income credit
Determine the amount of the child tax credit in each of the following cases: a. A single parent with modified AGI of $214,800 and one child age 4. b. A single parent with modified AGI of $79,400 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,333 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,455 and one child, age 13. Child Tax Credit Allowed
The gross income test for a dependent who is a qualifying relative mandates that the potential qualifying relative cannot have gross income over a certain amount. What is the gross income limit for Tax Year 2023? $0 $4,400 $4,700 $13,850
Determine the amount of the child tax credit in each of the following cases: > Answer is complete but not entirely correct. a. A single parent with modified AGI of $214,600 and one child age 4. b. A single parent with modified AGI of $79,200 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $409,133 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $133,255 and one child, age 13. Child Tax Credit Allowed $ $ $ $ 1,250 ✓✔ 9,600 X 3,544 x 3,000
A-4
3
es Mc Graw Hill In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Required: Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. a. A single individual with modified AGI of $32,900 and expenses of $2,560 for al child who is a full-time college freshman. b. A single individual with modified AGI of $44,500 and expenses of $3,320 for a child who is a full-time college junior. $79,300 and expenses of c. A couple, married filing jointly, with modified AGI of $6,400 for a child who is a full-time graduate student. Allowable Credit Type of Credit AOTC AOTC Lifetime learning credit AOTC Lifetime learning credit
Are the following required to file a federal income tax return? 17 yr od dependent receives income from a trust of $1,000
Dog
Suni, age 21, is a full-time student at the University and is a dependent of her parents. She had earned income of $2,000 from a part-time job. In addition, she had $950 interest from a savings account. She had total itemized deductions of $200 in the current year. What is Suni's taxable income this year? Question 3 options: a. $550. b. $950. c. $2,000 d. $2,950.
Klp.3 Demeter is a single taxpayer. Her AGI during the tax year is $175,000. Demeter may claim a child tax credit for her daughter Persephone, age 4. What amount of child tax credit is Demeter entitled to claim on her tax return?
Mr. and Mrs. Wilson are married (MFJ) with one dependent child. They report the following information for 2020: Schedule C net profit Interest income from certificate of deposit (CD) Self-employment tax on Schedule C net profit Dividend eligible for 15% rate Mrs. Wilson's salary from Brants Company Dependent care credit Itemized deductions S 66,650 2,100 9,418 12,000 75,000 500 27,000 Required: Compute AGI, taxable income, and total tax liability (including self-employment tax). Assume that Schedule C net profit is qualified business income (non-service income) under Section 199A. Assume the taxable year is 2020. Use Individual Tax Rate Schedules and Standard Deduction Table. (Do not round intermediate computations. Round your final answers to the nearest whole dollar amount.)

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