Which of the following statements is correct?Multiple ChoiceTaxpayers with household income which is more than 400% of the Federal Poverty Level are eligible to claim the premium tax credit.The premium tax credit is only available when the taxpayer files his or her tax return.The premium tax credit is available only for premium health insurance programs.Taxpayers who receive a credit are not required to file a federal tax return.

The term" taxpayers" refers to people or associations that are needed by law to pay levies to a…

Answered: Which of the following statements is…

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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Calculate the tax payable if an individual taxpayer has the following amounts of taxable income. Include Medicare Levy and Medicare Levy surcharge, where applicable. $17,000 – Non-resident (not a working holiday maker). $95,000 – Non-resident, (not a working holiday maker. $100,000 – Resident, with no private health insurance. $245,000 - Resident; with private health insurance.
Beginning in 2019, are individual taxpayers required to maintain minimum essential health coverage (associated with the Affordable Care Act)? This was termed the individual shared responsibility tax.
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 $214,200 and one child age 4. b. A single parent with modified AGI of $78,800 and three children ages 7, 9, and 12. c. A married couple, filing jointly, with modified AGI of $408.733 and two children age 14 and 16. d. A married couple, filing jointly, with modified AGI of $132,855 and one child, age 13. Child Tax Credit Allowed $ $ $ 19 $ 1,900 x 9,000 x 6,000 x 3,000
4.) Based on the W-2, what is the tax rate in the state where Etta works? 5.)What is the total of Etta's required deductions?
When employees contribute to a Roth 401(k), they _____ allowed to deduct the contributions and they _______ taxed on distributions from the plan. Select one: a. are, are not b. are, are c. are not, are not d. are not, are
Which of the following statement is true? A. Lifetime learning tax credit is available for each qualified student including taxpayers and dependents. B. Tax credits reduces a taxpayer’s taxable income dollar for dollar. C. The child tax credit is subject to phase-out based on the taxpayer’s AGI. D. To qualify for the earned income credit, the taxpayer must have a qualified dependent. E. The American opportunity credit is available only for those students who are in their first or second year of post-secondary education.
A new client, Mery, is your first client. She requires to lodge her income tax for 2020/21. Furthermore, she hasdone some charitable works this year. So, she wants to know about the legal provisions and asks what types ofentities are exempt from income tax? Answer the question.Furthermore, she gave her annual income and deduction below. Calculate her Total Assessable Income, TaxableIncome, Total tax Liability, including Medicare Levy and Medicare Levy Surcharge, if applicable, for the taxpayer(Mery ) with the information below:• Mery is a resident single mom with one dependent child (7 years old) taxpayer of Australia for the tax year2020-2021• Her Taxable Salary earned is $102,000 (Including tax withheld) having no private health insurance.• She had a $7,000 deduction.• Mery has a student loan outstanding for his previous studies at Queensland University technology of$42,000.• Mery’s employer pays superannuation guarantee charge of 10% on top of her salary to her nominatedfund.• Mery…
Determine the taxable amount of Social Security benefits for the following situations. If required, round your answers to the nearest dollar. If an amount is zero, enter "0". a. Tyler and Candice are married and file a joint tax return. They have adjusted gross income of $40,000 before considering their Social Security benefits, no tax-exempt interest, and $14,000 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. b. Assume Tyler and Candice have adjusted gross income of $17,600 before considering their Social Security benefits, no tax-exempt interest, and $19,360 of Social Security benefits. As a result, $ of the Social Security benefits are taxable. c. Assume Tyler and Candice have adjusted gross income of $106,000 before considering their Social Security benefits, no tax-exempt interest, and $15,900 of Social Security benefits. As a result, $ of the Social Security benefits are taxable.Determine the taxable amount of Social Security benefits for…
Which of the following taxpayers may potentially qualify for the retirement savings contributions credit (Saver's Credit)? Person A . She is married but will file a separate return. Her 2020 modified adjusted gross income was $29,950. She contributed to a Roth IRA. Person B. He will use the single filing status. His 2020 modified adjusted gross income was $31,000. His employer made contributions on his behalf to a simplified employee pension (SEP) IRA. Person C. He will use the head of household filing status. His 2020 modified adjusted gross income was $51,000. He contributed to a traditional IRA. Zee and Kay. They are a married couple filing a joint return. Their 2020 modified adjusted gross income was $69,000. Veronica made voluntary contributions to her company's 401(k) plan.
Quantitatively, what is the relationship between the AGI phase-out thresholds for the $2,000 child tax credit? ( don't hand writing solution)
1. How much is the net taxable income using itemized deductions? 2. How much is the OSD (assuming taxpayer opted to use OSD)? 3. How much is the net taxable income using OSD?

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