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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 creditIn 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable income of $550,000 (married filing jointly). Sheryl did not provide more than half her own support. What is Sheryl's tax liability for the year in each of the following alternative circumstances? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Leave no answer blank. Enter zero if applicable. c. She received $8,400 of interest income from corporate bonds she received several years ago. This is her only source of income. She is 20 years old at year-end and is a full-time student> Tax liabilityIn 2023, Jack, age 12, has interest income of $6,540 on funds he inherited from his aunt and no earned income. He has no investment expenses. Christian and Danielle (his parents) have taxable income of $88,150 and file a joint return. Assume that no parental election is made. Click here to access the 2023 tax rate schedule. If required, round the tax computations to the nearest dollar. Jack's net unearned income is Jack's allocable parental tax is Jack's total tax is
- Which of the following individuals are required to file a tax return for 2023? Should any of these individuals file a return even if filing is not required? Why or why not? Patricia, age 19, is a self-employed single individual with gross income of $5,200 from an unincorporated business. Business expenses amounted to $4,900. Mike is single and is 67 years old. His gross income from wages was $14,150. Ronald is a dependent child under age 19 who received $6,800 in wages from a part-time job. Sam is married and files a joint return with his spouse, Lana. Both Sam and Lana are 67 years old. Their combined gross income was $26,250. Quinn, age 20, is a full-time college student who is claimed as a dependent by his parents. For 2023, Quinn has taxable interest and dividends of $2,600.Ava and her husband, Leo, file a joint return and are in the 24% tax bracket in 2019. Ava’s employer offers a child and dependent care reimbursement plan that allows up to $5,000 of qualifying expenses to be reimbursed in exchange for a $5,000 reduction in the employee’s salary (Ava’s salary is $75,000). Because Ava and Leo have two minor children requiring child care that costs $5,800 each year, Ava is wondering if she should sign up for the program instead of taking advantage of the credit for child and dependent care expenses. Analyze the effect of the two alternatives. How would your answer differ if Ava’s salary was $30,000, their AGI was $25,000, and their marginal tax rate was 10%?Phil and Naoko are 25-year-old newlyweds and file a joint tax return. Naoko is covered by a retirement plan at work, but Phil is not. If an amount is zero, enter "0". a. Assuming Phil's wages were $27,000 and Naoko's wages were $18,500 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA for 2023? Phil Naoko $ 6,500 ✔ 6,500 V Feedback Check My Work There are two principal types of IRAS in the U.S. tax law. One is the traditional IRA and the other is the Roth IRA. Annual contributions to a traditional IRA are deductible, and retirement distributions are taxable. The annual deduction maximums are reduced for traditional IRAS if the taxpayer is an active participant in another qualified retirement plan. b. Assuming Phil's wages were $60,000 and Naoko's wages were $71,000 for 2023 and they had no other income, what is the maximum amount of Phil and Naoko's deductions for contributions to a traditional IRA…
- During 2020, Murray, who is 60 years old and unmarried, provided all of the support of his elderly mother. His mother was a resident of a home for the aged for the entire year and had no income. What is Murray's filing status for 2020, and how many dependents should he report on his tax return? a.Head of household and 1 dependent b.Single and 1 dependent c.Single and 2 dependents d.Head of household and 2 dependents e.None of these choices are correct.Charles and Joan Thompson file a joint return. In 2019 they had taxable income of $92,370 and paid tax of $12,040. Charles is an advertising executive, and Joan is a college professor. During the fall 2020 semester, Joan is planning to take a leave of absence without pay. The Thompsons expect their taxable income to drop to $70,000 in 2020. They expect their 2020 tax liability will be $8,008, which will be the approximate amount of their withholding. Joan anticipates that she will work on academic research during the fall semester. During September, Joan decides to perform consulting services for some local businesses. Charles and Joan had not anticipated this development. Joan is paid a total of $35,000 during October, November, and December for her work. What estimated tax payments are Charles and Joan required to make, if any, for tax year 2020? Do you anticipate that the Thompsons will be required to pay an underpayment penalty when they file their 2020 tax return? Explain your…Mr. and Mrs. David file a joint tax return. They have $169,300 taxable income in 2019, $120,300 of which is ordinary income and $49,000 of which is taxed at a 15% preferential rate. Compute their tax savings from the preferential rate. A) $7,032 B) $3,448 C) $10,798 D) None of the above.
- William and Maria Smith are married couple filing jointly. They have no children and report the following items in 2019: Taxable Income 100,000 Tax Preference 20,000 AMT adjustments related to itemized deductions 30,000 Regular tax liability 13,717 What is the Smiths AMT liability? What would Williams AMT liability if he were an unmarried taxpayer filing single with regular tax liability of $18,175?Theodore, age 74, and Maureen, age 59, are married taxpayers with two dependents. Their adjusted gross income for the 2020 tax year is $43,600, and they have itemized deductions of $7,800. Determine the following for Theodore and Maureen's 2020 income tax return: a. The greater of the amount of their standard deduction or their itemized deductions b. Their taxable incomeTerry and Jennifer, both in their 30s, file a joint income tax return for 2020. Terry’s wages are $26,000 and Jennifer’s wages are $34,000 for the year. Their total adjusted gross income is $60,000, and Joan is covered by a qualified pension plan at work but Terry is not. a. What is the maximum amount that Terry and Jennifer may each deduct for contributions to their traditional individual retirement accounts in 2020? b. If Jennifer's wages are $85,000 for 2020, instead of $34,000, and their adjusted gross income is $111,000, what is the maximum amount that Terry and Jennifer may each deduct for contributions to their traditional individual retirement accounts?
