Homework Answers
Ans 1
FALSE
According to the IRS, if you and your spouse file separate returns and one of you itemizes deductions, the other spouse will have a standard deduction of zero.
Ans 2
True
Ans 3
False
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QUESTION 7 Cynthia and Alan are husband and wife but file separate income tax returns. If...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000...
Notes: in 2018 single taxpayers and married taxpayers who file separate returns can claim a $12,000 standard deduction. Married couples filing jointly can claim an amount that's twice as large, $24,000, and taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,000. Question: Paul and Sonja, who are married, reported 2018 itemized deductions of $13,200 and $400, respectively. Paul suggests that they file their Federal income tax returns separately- he will itemize his...
Don and Cynthia are married, and they will file a joint federal income tax return for...
Don and Cynthia are married, and they will file a joint federal income tax return for 2018. Their 21-year-old daughter, Matilda, is a full-time student at their state university. She is their only dependent. Don and Cynthia are most likely to benefit from which of the following? The personal and dependent exemption. A refundable family tax credit. An adjustment for non-child dependents, reported on Schedule 1. A nonrefundable credit for other dependents.
QUESTION 7 'A qualifying abandoned spouse may file head of household. True False QUESTION 8 For...
QUESTION 7 'A qualifying abandoned spouse may file head of household. True False QUESTION 8 For tax purposes, the cash method of accounting is subject to which of the following doctrines? Constructive receipt doctrine All events test doctrine Return of capital doctrine Assignment of income doctrine QUESTION 9 Which of the following is not true regarding deductions from adjusted gross income (AGI)? A dependent's standard deduction amount may be limited. The standard deduction is based generally on the taxpayer's filing...
EXCES 2 (Algorithmic) (LO. 2) Compute the standard deduction for the following taxpayers. If an amount...
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...
Alan and Sara Winthrop are a married couple who file a joint income tax return. They...
Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, so they claim a total of 4 exemptions ($4,050 for each exemption). In addition, they have legitimate itemized deductions totaling $25,750. Their total income from wages is $213,500. Assume the following tax table is applicable: Married couples Filing Joint Returns Average Tax Rate at Top of Bracket 10.0% 13.8 You Pay This Plus This Percentage on If Your Taxable Amount on...
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0"....
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $1,550 in dividends income and $2,920 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 $11,910. c. Shonda...
STU dividends income and $3,120 in wages from a part-time job. b. Ruby and Woody are...
STU dividends income and $3,120 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 taxable retirement income is $16,460. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $300, and her interest income is $785. Exercise 3-18 (Algorithmic) (LO. 2) Compute the 2019 standard deduction for the following taxpayers. If an...
2020 Exercise 3-21 (Algorithmic) (LO. 2) Compute the standard deduction for the following taxpayers. If an...
2020
Exercise 3-21 (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. Ellie is 15 and claimed as a dependent by her parents. She has $1,975 in dividends income and $1,880 in wages from a part-time job. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody $ is 69. Their taxable retirement...
Compute the standard deduction for the following taxpayers. If an amount is zero, enter "O". Click...
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. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividend income and $1,480 in wages from a part-time job. 1,750 15,100 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 $11,715....
Compute the standard deduction for the following taxpayers. If an amount is zero, enter "0". a....
Compute the standard deduction for the following taxpayers. If an amount is zero, enter "0". a. Margie is 15 and claimed as a dependent by her parents. She reports $600 in dividends income and $2,880 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 $12,495. $ c. Shonda is age 68 and single. She is claimed by...
QUESTION 7 'A qualifying abandoned spouse may file head of household. True False QUESTION 8 For tax purposes, the cash method of accounting is subject to which of the following doctrines? Constructive receipt doctrine All events test doctrine Return of capital doctrine Assignment of income doctrine QUESTION 9 Which of the following is not true regarding deductions from adjusted gross income (AGI)? A dependent's standard deduction amount may be limited. The standard deduction is based generally on the taxpayer's filing...
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...
Alan and Sara Winthrop are a married couple who file a joint income tax return. They have two children, so they claim a total of 4 exemptions ($4,050 for each exemption). In addition, they have legitimate itemized deductions totaling $25,750. Their total income from wages is $213,500. Assume the following tax table is applicable: Married couples Filing Joint Returns Average Tax Rate at Top of Bracket 10.0% 13.8 You Pay This Plus This Percentage on If Your Taxable Amount on...
Compute the 2020 standard deduction for the following taxpayers. If an amount is zero, enter "0". Click here to access the standard deduction table to use. a. Ellie is 15 and claimed as a dependent by her parents. She has $1,550 in dividends income and $2,920 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 $11,910. c. Shonda...
STU dividends income and $3,120 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 taxable retirement income is $16,460. c. Shonda is age 68 and single. She is claimed by her daughter as a dependent. Her earned income is $300, and her interest income is $785. Exercise 3-18 (Algorithmic) (LO. 2) Compute the 2019 standard deduction for the following taxpayers. If an...
2020
Exercise 3-21 (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. Ellie is 15 and claimed as a dependent by her parents. She has $1,975 in dividends income and $1,880 in wages from a part-time job. Ruby and Woody are married and file a joint tax return. Ruby is age 66, and Woody $ is 69. Their taxable retirement...
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. Ellie is 15 and claimed as a dependent by her parents. She has $800 in dividend income and $1,480 in wages from a part-time job. 1,750 15,100 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 $11,715....
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