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- Timothy (40) and Tina (42) are California residents. Todd (age 10) and Ted (age 7) are their two dependent children (age 17). Tim and Tina also help Tim's brother, Bob. For tax reasons, Bob is Tim and Tina's dependant (qualifying relative). What is Tim and Tina's child tax credit (including additional dependent tax credit) for 2020? Assume Tim and Tina's AGI in 2020 is less than the phaseout level for the child tax credit. I gave two different answers of $4000 and $4500, but both were erroneous.Niles and Marsha adopted an infant boy (a U.S. citizen). They paid $16,150 in 2021 for adoption-related expenses. The adoption was finalized in early 2022. Marsha received $3,430 of employer-provided adoption benefits. For part (a), assume that any adoption credit is not limited by modified AGI or by the amount of tax liability. Required: What amount of adoption credit, if any, can Niles and Marsha take in 2022? Using the information in part (a), assume that their modified AGI was $243,000 in 2022. What amount of adoption credit is allowed in 2022? Note: Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount. Prev Question 3 of 3 Total3 of 3 Visit question mapThis is the last question in the assignment. To submit, use Alt + S. To access otherDemarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Jasmine, Michael, and Candice). The Jacksons file a joint tax return. The couple received salary income of $95,000 and qualified business income of $20,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $250,000 and they sold it for $300,000. The gain on the sale qualified for the exclusion from the sale of a principal residence. The Jacksons incurred $18,500 of itemized deductions, and they had $4,000 withheld from their paychecks for federal taxes. They are also allowed to claim a child tax credit for each of their children. However, because Candice was 18 years of age at year end, the Jacksons may claim a child tax credit for other qualifying dependents for Candice. (Use the tax rate schedules.) Comprehensive Problem 4-57 Part-a (Algo) a. What is the Jacksons' taxable income, and…
- Marc and Mikkel are married and earned salaries this year of $64,000 and $12,000, respectively. In addition to their salaries, they received interest of $350 from municipal bonds and $500 from corporate bonds. Marc contributed $2,500 to a traditional individual retirement account, and Marc paid alimony to a prior spouse in the amount of $1,500 (under a divorce decree effective June 1, 2006). Marc and Mikkel have a 10-year-old adopted son, Mason, who lived with them throughout the entire year. Thus, Marc and Mikkel are allowed to claim a $2,000 child tax credit for Mason. Marc and Mikkel paid $6,000 of expenditures that qualify as itemized deductions, and they had a total of $2,500 in federal income taxes withheld from their paychecks during the year. (Use the tax rate schedules for 2022) Complete Schedule 1 of Form 1040 for Marc and Mikkel.Jermaine and Kesha are married, file a joint tax return, have AGI of $75,000, and have two children. Devona is beginning her freshman year at State University during the fall of 2012, and Aretha is beginning her senior year at Northeast University during the fall of 2012 after having completed her junior year during the spring of that year. Both Devona and Aretha are claimed as dependents on their parents' tax return. Devona's qualifying tuition expenses and fees total $3,500 for the fall semester, whileArethia's qualifying tuition expenses and fees total $5,250 for each semester during 2012. Full payment is made for the tuition and related expenses for both children during each semester. American Opportunity credit and lifetime learning credits available to Jermaine and Kesha for 2012 are: (American Opportunity credit; lifetime learning credit) A $1,500; $1,050. B $1,500; $2,000. C $2,250; $5,250. D $4,875; $0Jason, 39 and single, helps support his mother Maria and his girlfriend Layla, both of whom are U.S. citizens with SSNs and none of whom file a joint tax return with anyone else. Neither Maria or Layla are disabled. Maria, single, did not live with Jason at all in 2020. She lived in her own home across the street from Jason. Jason provided 80% of Maria’s support in 2020 and paid all costs of maintaining a home for Maria. Maria's only income was municipal bond interest of $5,000. Layla, 40, single, lived with Jason for all of 2020, and Jason paid all costs of maintaining the home. Layla had no income in 2020, and Jason provided all of her support. Which of the following is most accurate?
- Mr. and Mrs. Grnager are both full-time employees. Their three children are 16, 6, and 3 years old. The Grangers spent $13,750 in qualifying expenditures for their two youngest children's child care in 2021. How much of their qualifying expenditures may they consider when claiming the Child and Dependent Car Credit?Paul, age 40 and single, has an 8-year-old son, Larry. Larry resides with his mother, Susan, in her home. Pursuant to the terms of their divorce, Paul properly claims Larry as a dependent on his income tax return. Paul pays child support payments to his ex-wife for the support of his child. Susan does not claim Larry as her dependent, but she does bear the economic burden of supporting the household in which they reside. What is the maximum amount of the 2020 standard deduction that Susan qualifies for? Oa. $12,400 Оb. S18,650 Oc. $20,300 а. Od. $24,800 Oe. Susan does not qualify for claiming a standard deduction. е.Brian and Corrine Lee are married taxpayers filing jointly. They live in the home they own, located at 3301 Pacific Coast Highway, Laguna Beach, CA 92651. Brian is an optometrist who owns his business; Corrine is a social worker for Orange County. They have two sons, Brady and Hank. During their trip to China last year, they fell in love with a beautiful one-year-old girl from an orphanage near Shanghai and are in the process of adopting her. The social security numbers of the four current members of their household are 412-34-5670 for Brian, 412-34-5671 for Corrine, 412-34-5672 for Brady, and 412-34-5673 for Hank. Their birth dates are as follows: Brian, 5/20/1976; Corrine, 7/23/1976; Brady, 9/1/2009; and Hank, 10/12/2011. The following are Brian’s income and expense information from his business and Corrine’s W-2 from Orange County. Brian’s optometrist office income and expenses for the current year: Gross income $ 271,355 Cost of goods sold (Beginning inventory $45,000;…
- Taylor and Kevin are married and file a joint return. Taylor and Kevin have two young children (ages 3 and 5) that live with them full time. Assume these children meet the criteria for the child tax credit and that Taylor and Kevin are eligible to claim it. Recall that the 2023 standard deduction amount for married filing jointly is $27,700. Also assume that their employers withheld $8,000 of federal income tax from their paychecks. Assuming that Taylor and Kevin's taxable income is $100,000, and considering the facts above, please compute how much tax is due with the couple's return. For your convenience, the married filing jointly (MFJ) schedule is shown below. If TI is over: But not over: The tax is: $0 $22,000 $89,450 $190,750 $364,200 $22,000 $693,750 $89,450 $190,750 $364,200 $462,500 $462,500 $693,750 No limit = 10% of taxable income. = $2,200 + 12% of amount over $22,000 = $10,294 + 22% of amount over $89,450 = $32,580 + 24% of amount over $190,750 = $74,208 + 32% of amount…Bert Baker and Ernestine Moffet were never formally married but have lived together as husband and wife for the last 14 years. Bert and Ernestine reside in Washington, D.C., a jurisdiction that recognizes common law marriages as valid. Consequently, they filed both a joint district income tax return and a joint federal income tax return for the last eight years. Bert and Ernestine are planning to move their household to Frederick, Maryland, and become permanent residents of that state. Maryland doesn’t recognize common law marriages. Will Bert and Ernestine’s change in residence allow them to avoid the marriage penalty by filing as single individuals?Frankie lives in NJ, is divorced with one child, and made $80,000 last year. He qualified for several below the line, itemizable deductions (He paid $5,600 in mortgage interest, $9,500 in property taxes, and he donated $550 worth to charity during the year). Frankie can claim one child tax credit of $2,000. His ex-spouse agreed that he can claim head of household this year. Use the Income Tax Table Reference Sheet to answer the following questions. 1. Should Frankie itemize his taxes or take the standard deduction? * A. Itemize B. Standard Please answer very soon will give rating surely
