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Theodore (67) and Jessica (59) are married with no dependents. Jessica is legally blind. They cannot be claimed as dependents on someone else's tax return. What is the amount of their personal exemption credit on their 2021 California return?
$129
$258
$387
$516
Answer: Married filing joint :258
Blind 129
Over 65 years old: 129
Total= 258+129+129= 516
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- Problem 8-70 (LO 8-4) (Algo) Skip to question [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 18, at year end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8-8. Problem 8-70 Part a (Algo) a. His AGI is $103, 300. b. His AGI is $431,000. EXHIBIT 8 - 8 Child Tax Credit Phase - Out Threshold only typed solution2 Required information [The following information applies to the questions displayed below.] Matt and Meg Comer are married and file a joint tax return. They do not have any children. Matt works as a history professor at a local university and earns a salary of $69,300. Meg works part time at the same university. She earns $34,400 a year. The couple does not itemize deductions. Other than salary, the Comers' only other source of income is from the disposition of various capital assets (mostly stocks). (Use the tax rate schedules,Dividends and Capital Gains Tax Rates.) Note: Round your final answers to the nearest whole dollar amount. a. What is the Comers' tax liability for 2022 if they report the following capital gains and losses for the year? Short-term capital gains Short-term capital losses $ 10,400 (2,700) 16,400 (6,700) Long-term capital gains i Long-term capital losses. Answer is complete but not entirely correct. Total tax liability 11,548Leonardo, who is married but files separately, earns $80,000 of taxable income. He also has $15,000 in city of Tulsa bonds. His wife, Theresa, earns $50,000 of taxable income. How much money would Leonardo and Theresa save if they file jointly instead of separately for 2019? (Use tax rate schedule.) Multiple Choice Nothing O $103.50 о $309.75 $5,932.50 None of the choices are correct.
- Jerry, age 23, a full time student and not disabled, lives with William and Sheila Carson. Jerry is William's older brother. Jerry is single, a US citizen, and does not provide more than one half of his own support. William and Sheila are both 21 and file a joint return. Can William and Sheila claim a dependency exemption for Jerry as a qualifying child? Please go to the IRS website noted below: https://www.irs.gov/ Please review Publication 501 and let us know if William and Sheila can claim Jerry as a qualifying child.Tiffany is married and filling joint returns with her husband Aris. They have $108,000 taxable income. What is their marginal tax rate? Your 2019 individual income tax brackets Married 2019 Individual Income Tax Rates Filling Jointly -Taxable Income 10 percent 12 percent 22 percent 24 percent 32 percent 35 percent 37 percent O 10% O 12% © 22% O 24 % Single- Taxable Income 0 to $9,700 $9.701 to $39.475 $39.476 10 104,200 $54,201 to $160,725 $160.726 to 1204,100 1204301 10 $510,100 $510,301 and VOI 0 to $19,400 $19.401 to $78.950 $78,951 to $168.400 $168,401 to $321,450 532145110 $408.200 1408,201 to 1 1612.350 $612,351 and UD Head of Household - Taxable Income 0 to $13,850 $13,851 to $52,850 $52,851 to $84.200 $84,2010 $100,700 $160,701 to $204,100 1204,101 10 $510,300 $510,301 and upProblem 8 - 70 (LO 8-4) (Algo) Skip to question [The following information applies to the questions displayed below.] Trey has two dependents, his daughters, ages 14 and 18, at year - end. Trey files a joint return with his spouse. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2023 for his daughters under each of the following alternative situations? Use Exhibit 8 - 8. Problem 8 - 70 Part a (Algo) a. His AGI is $103,300. b. His AGI is $431, 000. EXHIBIT 8 -8 Child Tax Credit Phase - Out Threshold S EXHIBIT 8-8 Child Tax Credit Phase-Out Threshold Filing Status Married filing jointly Married filing separately Head of household and single Phase-Out Threshold $400,000 200,000 200,000
- 9• Jeff, age 68 and Claire, age 63 elect to file Married Filing Jointly. Neither taxpayer is blind. • Jeff is retired. He received Social Security benefits and a pension. • Jeff and Claire's daughter Shelby, age 19, is a full-time college student in her second year of study. She is pursuing a degree in foreign studies and does not have a felony drug conviction. She received a Form 1098-T for 2022. Box 7 was not checked on her Form 1098-T for the previous tax year. • Shelby spent the summer at home with her parents but lived in an apartment near campus during the school year. • Shelby received a scholarship and the terms require that it be used to pay tuition. Jeff and Claire paid the cost of Shelby’s tuition and course-related books in 2022 not covered by scholarship. They paid $120 for a parking sticker, $5,500 for a meal plan, $750 for textbooks purchased at the college bookstore, and $100 for access to an online textbook. • Jeff and Claire…Trey has two dependents, his daughters, ages 14 and 18, at year-end. Trey files a joint return with his wife. What amount of child tax credit (either as a child or a qualifying dependent) will Trey be able to claim in 2021 for his daughters under each of the following alternative situations? Use Exhibit 8-8. b. His AGI is $420,200. Amount of child tax credit
