Income Tax Fundamentals 2020
38th Edition
ISBN: 9780357391129
Author: WHITTENBURG
Publisher: Cengage
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Textbook Question
Chapter 7, Problem 1P
Calculate the total child and other dependent credit for the following taxpayers. Please show your work.
- Jeremy is a single (head of household) father with $80,100 of AGI and has a dependent 8 -year-old son:
- Jerry and Ann have $100,000 of AGI, file jointly, and claim two dependent preschool children:
- James and Apple have AGI of $417,100, file jointly, and claim three dependent children ages 7,10, and 19):
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Calculate the total child tax credit and other dependent credit for the following taxpayers. Please show yourwork.
Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI.
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Calculate the total child tax credit and other dependent credit for the following taxpayers. Please explain your answers.
a. Ninfa is a single mother with 8-year-old and 9-year-old dependent sons and has $50,000 of AGI.
b. Sharon and Mark have one dependent 2-year-old child and $426,300 of AGI.
c. Carol is single and has one dependent 18-year-old son and $21.000 of AGI
Question 30
4) Listen
Daddy Warbucks is in the process of adopting Annie from a New York orphanage. He pays $7,000 in 2019, and S7,500
in 2020. Daddy Warbucks AGI for 2020 is S165.000.
a. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2020?
b. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption becomes final in 2021?
c. How much is the adoption credit that Daddy Warbucks may claim for 2020 if the adoption falls through and is never
finalized?
Ivanna, who has three children under age 13, worked full-time while her spouse, Sergio, was attending college for nine months during the year. Ivanna earned $48,300 and incurred $9,125 of child care expenses.
Determine Ivanna and Sergio's child and dependent care credit. $_________
Chapter 7 Solutions
Income Tax Fundamentals 2020
Ch. 7 - Russ and Linda are married and file a joint tax...Ch. 7 - Jennifer is divorced and files a head of household...Ch. 7 - Prob. 3MCQCh. 7 - Prob. 4MCQCh. 7 - Which of the following is not a requirement to...Ch. 7 - For purposes of determining income eligibility for...Ch. 7 - Prob. 7MCQCh. 7 - Prob. 8MCQCh. 7 - Which of the following costs is not a qualified...Ch. 7 - Prob. 10MCQ
Ch. 7 - Prob. 11MCQCh. 7 - Prob. 12MCQCh. 7 - Joan, a single mother, has AGI of $61,500 in 2019....Ch. 7 - Prob. 14MCQCh. 7 - Prob. 15MCQCh. 7 - Prob. 16MCQCh. 7 - Prob. 17MCQCh. 7 - Prob. 18MCQCh. 7 - Prob. 19MCQCh. 7 - Prob. 20MCQCh. 7 - Virginia and Richard are married taxpayers with...Ch. 7 - Calculate the total child and other dependent...Ch. 7 - Prob. 2PCh. 7 - Prob. 3PCh. 7 - Prob. 4PCh. 7 - Prob. 5PCh. 7 - Prob. 6PCh. 7 - Prob. 8PCh. 7 - Prob. 9PCh. 7 - Clarita is a single taxpayer with two dependent...Ch. 7 - Prob. 12PCh. 7 - Prob. 13PCh. 7 - Marty and Jean are married and have 4 -year-old...Ch. 7 - Prob. 15PCh. 7 - Prob. 16PCh. 7 - Prob. 17PCh. 7 - Prob. 18PCh. 7 - Janie graduates from high school in 2019 and...Ch. 7 - Prob. 20PCh. 7 - Prob. 21PCh. 7 - Carl and Jenny adopt a Korean orphan. The adoption...Ch. 7 - Prob. 23PCh. 7 - Prob. 24PCh. 7 - Prob. 25P
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