Homework Answers
Ans: Tax Refund -$1295
| Total Tax | $ 1,680 | |
| Less: | Child Tax Credit | -2000 |
| Less: | Prepayments | -975 |
| Tax Refund | $ -1,295 |
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51680. The David and Lilly Fernandez have determined their tax liability on their joint tax return...
David and Lilly Fernandez have determined their tax liability on their joint tax return to be...
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,990. They have made prepayments of $700 and also have a child tax credit of $3,000, of which $1,400 is refundable. What is the amount of their tax refund or taxes due? Amount (1) (2) Description Total tax Child tax credit Prepayments Tax refund (3)
David and Lilly Fernandez have determined their tax liability on their joint tax return to be...
David and Lilly Fernandez have determined their tax liability on
their joint tax return to be $2,100. They have made prepayments of
$1,900, they receive a child tax credit of $500, and a recovery
rebate credit of $2,900 (they did not receive this in advance).
What is the amount of their tax refund or taxes due?
What is the amount of their tax refund or taxes due?
David and Lilly Fernandez have determined their tax liability on their joint...
David and Lilly Fernandez have determined their tax liability on their joint tax return to be...
David and Lilly Fernandez have determined their tax liability on
their joint tax return to be $1,745. They have made prepayments of
$2,290 they receive a child tax credit of $500, and a recovery
rebate credit of $2,900 (they did not receive this in advance).
What is the amount of their tax refund or taxes due?
I can't seem to add these up properly, I am getting
the wrong solution with each attempt.
David and Lilly Fernandez have determined their...
David and Lilly Fernandez have determined their tax liability on their liability on their joint tax...
David and Lilly Fernandez have determined their tax liability on their liability on their joint tax return to be $1,515. They have made prepayments of $1,250 and also have a child tax credit of $2000. Total Tax $xxxxx Child Tax Credit $xxxx Prepayments $xxxx Tax Refund or Tax Due $xxxx
Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to...
Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to be $3,525, and her employer has withheld $1,500 of federal taxes from her paycheck. Tiffany is allowed to claim a $2,000 child tax credit for her qualifying child What amount of taxes will Tiffany owe (or what amount will she receive as a refund) when she files her tax return? Description Amount (1) Income tax liability (2) Other taxes (3) Total tax (4) Credits...
28. Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer...
28. Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11.000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions, a) Determine Jeremy's tax refund or taxes due, il b) Assume that in addition to the original facts. Jeremy has a long-term capital gain of $4.000. What is...
Please bold answer in explanation Jeremy earned $100,800 in salary and $6,800 in interest income during...
Please bold answer in explanation
Jeremy earned $100,800 in salary and $6,800 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $26,200 in itemized deductions. (Use the tax rate schedules.) CARES Problem 4-29 Part-c (Algo) c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions....
What tax strategies will utilize to pay every penny owe to the government, and not a...
What tax strategies will utilize to pay every penny owe to the
government, and not a penny more (for a given level of income of
$50000/ year, just graduated from university ,single ) What
strategies will take to reduce taxable income?
50.000 Includes: Wages, salaries, tips Investment/interest income bonus Education income in excess of expenses Excludes: Qualified retirement contributions (401k, 403b, not Roth's) Interest on US Savings bonds Total Gross Income 3,7 Traditional com 46,250 Adjusted Gross Income Excludes: Tuition...
Dan and Maureen file a joint income tax return for 2018. They have two dependent children, ages 7 and 9. Together they e...
Dan and Maureen file a joint income tax return for 2018. They have two dependent children, ages 7 and 9. Together they earn wages of $830,000. They also receive taxable interest income of $8,000 and interest on City of Los Angeles bonds of $78,000. During 2018, they received a state income tax refund of $3,000 relating to their 2017 state income tax return on which they itemized deductions. Dan and Maureen live in the United States. Their expenses for the...
not understanding how to get the tax liability and the tax withholdings? Required information [The following...
not understanding how to get the tax liability and the tax
withholdings?
Required information [The following information applies to the questions displayed below.) Jeremy earned $101,700 in salary and $7,700 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $30,700 in itemized deductions. (Use the tax rate schedules.) a....
David and Lilly Fernandez have determined their tax liability on their joint tax return to be $1,990. They have made prepayments of $700 and also have a child tax credit of $3,000, of which $1,400 is refundable. What is the amount of their tax refund or taxes due? Amount (1) (2) Description Total tax Child tax credit Prepayments Tax refund (3)
David and Lilly Fernandez have determined their tax liability on
their joint tax return to be $2,100. They have made prepayments of
$1,900, they receive a child tax credit of $500, and a recovery
rebate credit of $2,900 (they did not receive this in advance).
What is the amount of their tax refund or taxes due?
What is the amount of their tax refund or taxes due?
David and Lilly Fernandez have determined their tax liability on their joint...
David and Lilly Fernandez have determined their tax liability on
their joint tax return to be $1,745. They have made prepayments of
$2,290 they receive a child tax credit of $500, and a recovery
rebate credit of $2,900 (they did not receive this in advance).
What is the amount of their tax refund or taxes due?
I can't seem to add these up properly, I am getting
the wrong solution with each attempt.
David and Lilly Fernandez have determined their...
Tiffany is unmarried and has a 15-year-old qualifying child. Tiffany has determined her tax liability to be $3,525, and her employer has withheld $1,500 of federal taxes from her paycheck. Tiffany is allowed to claim a $2,000 child tax credit for her qualifying child What amount of taxes will Tiffany owe (or what amount will she receive as a refund) when she files her tax return? Description Amount (1) Income tax liability (2) Other taxes (3) Total tax (4) Credits...
28. Jeremy earned $100,000 in salary and $6,000 in interest income during the year. Jeremy's employer withheld $11.000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $23,000 in itemized deductions, a) Determine Jeremy's tax refund or taxes due, il b) Assume that in addition to the original facts. Jeremy has a long-term capital gain of $4.000. What is...
Please bold answer in explanation
Jeremy earned $100,800 in salary and $6,800 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $26,200 in itemized deductions. (Use the tax rate schedules.) CARES Problem 4-29 Part-c (Algo) c. Assume the original facts except that Jeremy has only $7,000 in itemized deductions....
What tax strategies will utilize to pay every penny owe to the
government, and not a penny more (for a given level of income of
$50000/ year, just graduated from university ,single ) What
strategies will take to reduce taxable income?
50.000 Includes: Wages, salaries, tips Investment/interest income bonus Education income in excess of expenses Excludes: Qualified retirement contributions (401k, 403b, not Roth's) Interest on US Savings bonds Total Gross Income 3,7 Traditional com 46,250 Adjusted Gross Income Excludes: Tuition...
not understanding how to get the tax liability and the tax
withholdings?
Required information [The following information applies to the questions displayed below.) Jeremy earned $101,700 in salary and $7,700 in interest income during the year. Jeremy's employer withheld $11,000 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $30,700 in itemized deductions. (Use the tax rate schedules.) a....
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