What are Lily's taxable income and tax liability for the year?!

Q: Jillian, a single taxpayer, has a net long-term capital gain for the year, and it is all made up of…

A: Tax rate on long term capital gain : (LTCG) The LTCG is usually calculated @20% plus surcharge…

Q: What is the tax liability for a married couple with a taxable income of $92,225? What is the tax…

A: Tax rates for married couple: Tax rate                    Amount($) 10%…

Q: What are the tax rates for minors' unearned income? Select one: A. Nil for every $1 earned up to…

A: Children are taxed at higher rates on unearned income under rules which were introduced to…

Q: Which of the following is true regarding Social Security benefits? a.Up to 100 percent of S

A: Social Security benefits are a government-administered retirement, disability, and survivor benefit…

Q: Who is normally considered to be the owner of a 403 b tax shelter annuity?

A: It is a tax code used to describe a tax-sheltered annuity and it is a retirement plan offered by  i)…

Q: Are the following required to file a federal income tax return? Married couple plans to file…

A: Tax filing requirements usually depend on three things.Individual filing statusIndividual gross…

Q: for what minimum period must a self-employed taxpayer retain business documents supporting her…

A: The business makes money by selling goods and services. Self-employment refers to when the…

Q: 24. Which of the following, if any, correctly describes the earned income credit? a. Would be…

A: EIC is the facility available for certain taxpayers having low or moderate income. For availing EIC,…

Q: Which expenses are deductible FOR AGI?   Select one: a. Loss on a sale of a personal residence and…

A: Expenses are the costs which are incurred by the person in a particular period of time. Some…

Q: Margaret's tax return is prepared, but she does non have the money to pay the amount due.  She…

A: The Internal Revenue Service (IRS) is delaying the filing deadline for all individual tax returns…

Q: What is the amount of the tax liability for a single person having taxable income of $59,200? Use…

A: Federal income tax As per IRS ,a taxpayer pays tax as a percentage of his/her income in layers…

Q: Melissa and Whitney are married taxpayers with taxable income of $106,000 and file a joint tax…

A: Tax Liability: Tax liability is the amount of money you owe to tax authorities, such as your local,…

Q: Use the Tax Rate Tables, Exhibit 18-3, to calculate the tax liability (in $) for the taxpayer. Name…

A: Rua is a head of household. Therefore the tax liability of Rua would be calculated on the basis slab…

Q: For the tax year 2023, what is the earned income threshold at which the Earned Income Tax Credit…

A: The earned income tax credit (EITC) — sometimes shortened to "earned income credit" — is a tax break…

Q: How is the unearned income of children treated for tax purposes?  Can parents include the children’s…

A: Unearned income includes investment-type income such as taxable interest, ordinary dividends, and…

Q: if Julias gross revenue is966000 and her taxable income is270442 what is tax liability for havajav…

A: The federal income tax rates for 2024 are as follows123:Tax RateIncome Bracket10%Up to…

Q: yer. Whether taxpayers rent or own their residence. Taxpayer’s filing status (e.g., single, married,…

A: An itemised deduction is expense that can be deducted from adjusted gross income to lower  taxable…

Q: What are some common examples of income, and what are some common examples of items excluded from…

A: Income means the money or any equivalent value receives by individual or business, in exchange of…

Q: Which of the following is true regarding Social Security benefits? a. Tax-exempt interest income…

A: Social Security benefits refers to the payments received from the Social Security Administration, a…

Q: Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at…

A: Taxable income: It is the amount of income of an individual which is subject to tax. The taxable…

Q: she wants to know about some tax-related provisions and practices

A: Income of any kind that is subject to taxation, on condition that you earn over the untaxed…

Q: If Jodi is single with a taxable income of $68,750, what is her marginal tax bracket? (Use the…

A: Marginal tax rate is the tax rate that applies to the last dollar earned by the individual.

Q: If an individual is claimend as a dependent by another taxpayer, qualified tuition and expenses paid…

A: A tax dependent is a child or relative whose traits and relationship to you qualify you for tax…

Q: an, a single taxpayer, has a net long-term capital gain for the year and it is all made up of 25%…

A: Capital gains are applied when any asset is held for more than one year and they are held for more…

Q: Determine the taxable amount of social security benefits for the following situations. If an amount…

A: a.This works out as whichever is lesser of the following as shown below:1.

Q: Chuck, a single taxpayer, earns $75, 400 in taxable income and $10, 200 in interest from an…

A: Tax refers to the amount charged by the government to the individual or organization on the income…

Q: hich of the following should be included in an individual taxpayer's federal gross income?    Child…

A: Wages, dividends, capital gains, business income, retirement distributions, and other income are all…

Q: What is the tax liability for a single person with taxable income of $27,880? What is the tax…

A: Tax liability for a single person with taxable income of $27,880 Taxable Income = $27,880   Tax…

Q: Which of the following is a test used to determine a taxpayer's tax home? The main place of…

A: Tax liability of the taxpayer is based on the residential status of the taxpayer or place where the…

Q: Joanna has taxable income in 2023/24 of £66,500 (non-savings income) and £107,000 (dividend income).…

A: To calculate Joanna's income tax liability for the UK tax year 2023/24, we need to consider the…

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2023, she incurs the following expenses in…

A: AGI deductions are those reductions or deductions that can be taken from the adjusted gross income…

Q: is the tax payment deadline for all individual taxpayers regardless if they have self-employment or…

A: 31 december 2021 is the extended tax payment deadline for all individual taxpayers regardless if…

Q: Kim works for a clothing manufacturer as a dress designer. During 2021, she travels to New York City…

A: Answer:- Tax return meaning:- Any form submitted to a tax body that includes vital information…

Q: ne cla for childcare expens

A: Child care expenses is money paid by the family members  to a persion to take care of minors so that…

Q: is she required to file a tax return

A: Given: Helen, a single taxpayer, earns an interest income of $ 8750.

Q: Assume Erwin and Eleanor have adjusted gross income of $119,500, no tax-exempt interest, and $17,925…

A: This works out whichever is lesser of the following as shown below, Calculate the taxable amount of…

Q: Are the following required to file a federal income tax return? 17 yr od dependent receives income…

A: Unearned income refers to money acquired from sources not tied to direct labor, encompassing…

Q: tax liability

A: Tax is a compulsory obligation that must be paid by all taxpayers. However, deductions and…

Q: A single taxpayer, under age 65, who is a dependent of another taxpayer, has to file a tax return if…

A: The return of filing for the dependents depends upon certain levels of incomes and one of them is as…

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.