Determine the total allowable 2018 earned income credit in each of the following situations: a. Rina...
Determine the total allowable 2018 earned income credit in each of the following situations:
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Homework Answers
a)
The unemployment compensation of $2200 received by Rina is taxable. Now her AGI (6800+2200) $9000 is greater than earned income and must be used in credit phase out. So EIC is $332.
b)
The $5000 Lalchal receives from his ex-wife in child support is not taxable. However 10000 alimony is taxable. Therefore the earned income and alimony are both considered as AGI which is 18000. Lalchal earned income credit is $2233.
c)
Zorica receives $3000 from her ex husband which is not taxable. So Zarica earned income and AGI are same $19000. So her earned income credit is $3648.
d)
Elliot and Pam do not qualify for earned income credit as their porfolio income exceeds $3269 for year 2018.
Add Answer to:
Determine the total allowable 2018 earned income credit in each
of the following situations:
a.
Rina...
a. Arnie is a single college student who earned $7,700 working part-time. He had $200 of...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
29. Determine the number of dependents in each of the following independent situations. based on 2018...
29. Determine the number of dependents in each of the following independent situations. based on 2018 laws. Leo and Amanda (ages 48 and 46, respectively) are married and furnish more than 50% of the support of their two children, Elton (age 18) and Trista (age 24). During the year, Elton earn5 $4,500 providing transportation for elderly persons with disabilities, and Trista receives a $5,000 scholarship for tuition at the law school she attends. Audrey (age 45) is divorced this year....
Self-Study Problem 1.4 Indicate by for 2018 in each of the following independent siftuations: See Appendix...
Self-Study Problem 1.4 Indicate by for 2018 in each of the following independent siftuations: See Appendix E for Solutions to Self-Study Problems a check mark whether the following taxpayers are required to file a return Filing Required? Yes No 1. Taxpayer (age 45) is single with income of $10,000. 2. Husband (age 67) and wife (age 64) have an income of $25,000 and file a joint return. 3. Taxpayer is a college student with a salary from a parttime job...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports...
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports his son and his son's wife, both of whom lived with him for the entire year. His son and daughter-in-law (both age 20) file a joint return to get a full refund, as their gross income was $3,500. Both son and daughter-in-law are full-time students at a local college. QUESTION 2 Identify the best Filing Status for the following taxpayer: Ted is divorced and...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
Interview Notes • Tamara is 52 years old and her divorce became final on September 20,...
Interview Notes • Tamara is 52 years old and her divorce became final on September 20, 2014 and has not been modified. The divorce decree stipulates she is required to pay alimony of $500 a month to her ex-husband. She paid him a total of $6,000 in 2019. • Tamara pays all the cost of keeping up her home in the United States. She earned $40,500 in wages in 2019, her only income. • Tamara's daughter. Kimberly, lived with Tamara...
For the following taxpayers, indicate which tax form should be used, the applicable filing status, and...
For the following taxpayers, indicate which tax form should be used, the applicable filing status, and the number of children who qualify for the child credit. Cindy is divorced and received $6,000 of alimony from her former husband and earned $12,000 ,working as a secretary. She also received $1,800 of child support for her son ,who lives ,with her. According to a ,written agreement, her former husband is entitled to claim their son as a dependent. Solution says she files...
Determine the amount of the Earned Income Credit in each of the following cases. Assume that...
Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Calculate the credit using the formulas. A single person with earned income of $7,554 and no qualifying children. A single person with earned income of $22,500 and two qualifying children. A married couple filing jointly with earned income of $34,190 and one qualifying child.
• Charlie and Samantha are resident aliens, married, and want to file a joint return. •...
• Charlie and Samantha are resident aliens, married, and want to file a joint return. • They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years old and Maria is 1 year old and both are U.S. citizens. All three children lived with their parents in the United States all year. Charlie, Samantha, and Harry have Individual Taxpayer Identification Numbers (ITINs). Sherry and Maria have Social Security numbers. • Charlie earned $38,000 in...
a.
Arnie is a single college student who earned $7,700 working
part-time. He had $200 of interest income and received $1,000 of
support from his parents.
b.
Buddy is a single college student who earned $7,700 working
part-time. He had $1,600 of interest income and received $1,000
of support from his parents.
c.
Cindy is divorced and received $6,000 of alimony from her
former husband and earned $12,000 working as a secretary. She also
received $1,800 of child support for...
Self-Study Problem 1.4 Indicate by for 2018 in each of the following independent siftuations: See Appendix E for Solutions to Self-Study Problems a check mark whether the following taxpayers are required to file a return Filing Required? Yes No 1. Taxpayer (age 45) is single with income of $10,000. 2. Husband (age 67) and wife (age 64) have an income of $25,000 and file a joint return. 3. Taxpayer is a college student with a salary from a parttime job...
Questions and Problems V. Ramon, a single taxpayer with no dependents, has adjusted gross income for 2019 of $98.000 and his itemized deductions total $19.000. What taxable income will Ramon show in 2019? a. $74,950 b. $74,850 c. $79,000 (d) $85 ano LO 1.4 c. $87,650 8. Ben is a single taxpayer with no dependents and is 32 years old. What is the minimum amount of income that he must have to be required to file a tax return for...
Determine the appropriate number of Qualified Dependents for the following taxpayer: T) is unmarried and supports his son and his son's wife, both of whom lived with him for the entire year. His son and daughter-in-law (both age 20) file a joint return to get a full refund, as their gross income was $3,500. Both son and daughter-in-law are full-time students at a local college. QUESTION 2 Identify the best Filing Status for the following taxpayer: Ted is divorced and...
Interview Notes • Tamara is 52 years old and her divorce became final on September 20, 2014 and has not been modified. The divorce decree stipulates she is required to pay alimony of $500 a month to her ex-husband. She paid him a total of $6,000 in 2019. • Tamara pays all the cost of keeping up her home in the United States. She earned $40,500 in wages in 2019, her only income. • Tamara's daughter. Kimberly, lived with Tamara...
• Charlie and Samantha are resident aliens, married, and want to file a joint return. • They have three children. Harry is 8 years old and a resident alien. Sherry is 3 years old and Maria is 1 year old and both are U.S. citizens. All three children lived with their parents in the United States all year. Charlie, Samantha, and Harry have Individual Taxpayer Identification Numbers (ITINs). Sherry and Maria have Social Security numbers. • Charlie earned $38,000 in...
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