Which of the following taxpayers must file a 2019 return? a. Amy, age 19 and single, has $8,050 of wages, $800 of interest, and $350 of self-employment income. b. Betty, age 67 and single, has a taxable pension of $9,100 and Social Security benefits of $6,200 (the Social Security benefits are wholly-tax exempt in this situation). c. Chris, age 15 and single, his a dependent of his parents. Chris has earned income of $1,900 and interest of $400. d. Dawn, age 15 and single, is a dependent of her parents. She has earned income of $400 and interest of $1,600. e. Doug, age 25, and his wife are separated. He earned $5,000 while attending school during the year.
Hi
Let me know in case you face any issue:
Which of the following taxpayers must file a 2019 return? a. Amy, age 19 and single,...
#2-42 Filing Requirement. Which of the following taxpayers must file a 2018 return? Explain why or why not? a. Amy, age 19 and single, has $8,050 of wages, $800 of interest, and $350 of self- employment income. b. Betty, age 67 and single, has a taxable pension of $9,100 and Social Security benefits of $6,200. c. Chris, age 15 and single, is a dependent of his parents. Chris has earned income of $1,900 and interest of $400. d. Dawn, age...
Which of the following individuals will not have to file a tax return for 2020? a. Tom age 17 and single, is a dependent of his parents and has $6,000 of wages and $2,400 of interest. b. banny age 67 and single, has a taxable pension of $9,200 and social security benefits of $6,300. c. brian age 29 and single, has self-employment income of $600. d. watson , age 15 and single, a dependent of his parents, has wages of...
24. Charles Adams, who is single, retired on March 3, 2019, at the age of 65. For the year 2019, he receives the following income: Salary Interest income Dividend income Tax-exempt income Social Security benefits Net rental income $14,000 2,000 1,000 1,000 5,000 6,000 Provisional Ancom What is Charles' modified AGI? What amount, if any, of his Social Security benefits must Charles include in his 2019 gross income? What is Charles' taxable income for 2019?
Compute the 2019 standard deduction for the following taxpayers. a. Ellie is 15 and claimed as a dependent by her parents. She reports $1,700 in dividends income and $1,880 in wages from a part-time job. $ b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement income is $12,170. $ c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her...
1:2-39 tax payments. Dependency Requirements, Child Tax Credit, and Credit for Other Dependents. How many dependents does the taxpayer have, assuming the people involved are U.S. citizens? What amount of credit may be claimed for the taxpayer's dependents? a. Andrew supports his cousin Mary, who does not live with him. Mary has no income and is single. b. Bob and Ann are filing a joint return, Bob provided over one-half of his father's support. The father received Social Security benefits...
EXCES 2 (Algorithmic) (LO. 2) Compute the standard deduction for the following taxpayers. If an amount is zero, enter "o". Click here to access the standard deduction table to use. a 3,510 7 X Elie is 15 and claimed as a dependent by her parents. She has $1.650 in dividends income and $3.160 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66. and Woodys is 69. Their...
Bess Norman is single and has the following sources of income in 2019: Social security benefits $13,550 Taxable Interest income $6,930 Dividend income $7,480 Tax-exempt interest income $11,204 Ms. Norman is 72 years of age and has 12,550 in itemized deductions. What is her taxable income for 2019?
Exercise 3-21 (Algorithmic) (LO. 2) Compute the standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. Ellie is 15 and claimed as a dependent by her parents. She has $400 in dividends а. х income and $1,600 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody is 69. Their taxable retirement...
Exercise 3-18 (LO. 2) Compute the 2019 standard deduction for the following taxpayers. If an amount is zero, enter "O". Click here to access the standard deduction table to use. 27.000 a. Ellie is 15 and claimed as a dependent by her parents. She reports $800 in dividends income and $1,400 in wages from a part-time job. b. Ruby and Woody are married and file a joint tax return, Ruby is age 66, and Woody $ is 69. Their taxable...
Given the following information, complete the attached forms for the 2020 1040 tax return. Tim and Mandy Sanders, MFJ taxpayers, both 50 years old, 2 qualified dependent children over the age of 17—Sarah and Brian. Total wages earned for the married couple: $65,000. Federal Income Tax Withheld by employer: $8,500. No reportable wages for the children. Taxable Interest: $1,200 Tax-Exempt Interest: $1,350 Social Security Benefits received by Mandy: $21,000. No Federal Income Tax Withheld Total Itemized deductions: $11,400 All were...