Homework Answers
Head of House hold
because Head of House hold status applies when the following points are true
Lusy's spouse didn’t live in her home during the last six months of the year.
lusy paid more than half the costs of keeping up her home for the year
lucy's home was main residence for more than half the year for her child
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QUESTION 2 59 60 61 62 63 64 65 Lucy and Ricky have been married for...
QUESTION 1 For purposes of determining head of household filing status, the taxpayer's mother or father...
QUESTION 1 For purposes of determining head of household filing status, the taxpayer's mother or father is considered to be a qualifying person of the taxpayer (even if the mother or father does not qualify as the taxpayer's dependent) as long as the taxpayer pays more than half the costs of maintaining the household of the mother or father. True False QUESTION 2 Lucy and Ricky have been married for 27 years. They have one child, Ricky Jr., who is...
Jasmine and her husband. Arty, have been married for 25 years. In May of this year,...
Jasmine and her husband. Arty, have been married for 25 years. In May of this year, the couple divorced. During the year, Jasmine provided all the support for herself and her 22-year-old child Dexter, who lived in the same home as Jasmine for the entire year. Dexter is employed full time. earning $29.000 this year. What is Jasmine's most favorable filing status for the year? 16:44 Multiple Choice Surviving spouse. Married filing separately. Head of household. Single. of 20TH Next...
Find the correct filing status. John and Mary have been married 12 months Mary and George...
Find the correct filing status. John and Mary have been married 12 months Mary and George got married on December 31 Ned is not married and supports his mom in the nursing home Leon's wife died last year. Leon supports his 8 year old son. Maria's husband died last year. Maria's children are grown and none of them live with her. Maria is single and supports her son A. Head of household B. Single C. Qualifying widower D. Married filing...
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...
60 QUESTION 6 61 62 63 64 65 66 Calculate Sam's taxable income based on the...
60 QUESTION 6 61 62 63 64 65 66 Calculate Sam's taxable income based on the following information: Sam earned $125,500 in salary, $650 of interest from a saving account, lost $2,000 on the sale of his car (personal use only) and $5,500 of municipal bond interest. Sam is single has no dependents and his itemized deductions totaled $9,500 67 68 69 O A. $111,750 . OB. $113,750 OC. $115,250 OD. 117.250 E. $116,650 PAI
Demarco and Janine Jackson have been married for 20 years and have four children who qualify...
Demarco and Janine Jackson have been married for 20 years and
have four children who qualify as their dependents (Damarcus,
Janine Jr., Michael, and Candice). The couple received salary
income of $100,000 and qualified business income of $10,000 from an
investment in a partnership, and they sold their home this year.
They initially purchased the home three years ago for $200,000 and
they sold it for $250,000. The gain on the sale qualified for the
exclusion from the sale of...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify...
Demarco and Janine Jackson have been married for 20 years and
have four children who qualify as their dependents (Damarcus,
Janine Jr., Michael, and Candice). The couple received salary
income of $100,000 and qualified business income of $10,000 from an
investment in a partnership, and they sold their home this year.
They initially purchased the home three years ago for $200,000 and
they sold it for $250,000. The gain on the sale qualified for the
exclusion from the sale of...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify...
Demarco and Janine Jackson have been married for 20 years and
have four children who qualify as their dependents (Damarcus,
Janine, Michael, and Candice). The couple received salary income of
$100,000, qualified business income of $10,000 from an investment
in a partnership, and they sold their home this year. They
initially purchased the home three years ago for $200,000 and they
sold it for $250,000. The gain on the sale qualified for the
exclusion from the sale of a principal...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a...
Beverly and Ken Hair have been married for 3 years. Beverly works as an accountant at...
Beverly and Ken Hair have been married for 3 years. Beverly
works as an accountant at Cypress Corporation. Ken is a full-time
student at Southwest Missouri State University (SMSU) and also
works part-time during the summer at Cypress Corp. Ken's birthdate
is January 12, 1993 and Beverly's birthdate is November 4, 1995.
Beverly and Ken each received a W-2 form from Cypress Corporation
(see separate tab). The Hairs have interest income of $1,000 on
City of St. Louis bonds. Beverly...
QUESTION 1 For purposes of determining head of household filing status, the taxpayer's mother or father is considered to be a qualifying person of the taxpayer (even if the mother or father does not qualify as the taxpayer's dependent) as long as the taxpayer pays more than half the costs of maintaining the household of the mother or father. True False QUESTION 2 Lucy and Ricky have been married for 27 years. They have one child, Ricky Jr., who is...
Jasmine and her husband. Arty, have been married for 25 years. In May of this year, the couple divorced. During the year, Jasmine provided all the support for herself and her 22-year-old child Dexter, who lived in the same home as Jasmine for the entire year. Dexter is employed full time. earning $29.000 this year. What is Jasmine's most favorable filing status for the year? 16:44 Multiple Choice Surviving spouse. Married filing separately. Head of household. Single. of 20TH Next...
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...
60 QUESTION 6 61 62 63 64 65 66 Calculate Sam's taxable income based on the following information: Sam earned $125,500 in salary, $650 of interest from a saving account, lost $2,000 on the sale of his car (personal use only) and $5,500 of municipal bond interest. Sam is single has no dependents and his itemized deductions totaled $9,500 67 68 69 O A. $111,750 . OB. $113,750 OC. $115,250 OD. 117.250 E. $116,650 PAI
Demarco and Janine Jackson have been married for 20 years and
have four children who qualify as their dependents (Damarcus,
Janine Jr., Michael, and Candice). The couple received salary
income of $100,000 and qualified business income of $10,000 from an
investment in a partnership, and they sold their home this year.
They initially purchased the home three years ago for $200,000 and
they sold it for $250,000. The gain on the sale qualified for the
exclusion from the sale of...
Demarco and Janine Jackson have been married for 20 years and
have four children who qualify as their dependents (Damarcus,
Janine Jr., Michael, and Candice). The couple received salary
income of $100,000 and qualified business income of $10,000 from an
investment in a partnership, and they sold their home this year.
They initially purchased the home three years ago for $200,000 and
they sold it for $250,000. The gain on the sale qualified for the
exclusion from the sale of...
Demarco and Janine Jackson have been married for 20 years and
have four children who qualify as their dependents (Damarcus,
Janine, Michael, and Candice). The couple received salary income of
$100,000, qualified business income of $10,000 from an investment
in a partnership, and they sold their home this year. They
initially purchased the home three years ago for $200,000 and they
sold it for $250,000. The gain on the sale qualified for the
exclusion from the sale of a principal...
Demarco and Janine Jackson have been married for 20 years and have four children who qualify as their dependents (Damarcus, Janine, Michael, and Candice). The couple received salary income of $100,000 and qualified business income of $10,000 from an investment in a partnership, and they sold their home this year. They initially purchased the home three years ago for $200,000 and they sold it for $250,000. The gain on the sale qualified for the exclusion from the sale of a...
Beverly and Ken Hair have been married for 3 years. Beverly
works as an accountant at Cypress Corporation. Ken is a full-time
student at Southwest Missouri State University (SMSU) and also
works part-time during the summer at Cypress Corp. Ken's birthdate
is January 12, 1993 and Beverly's birthdate is November 4, 1995.
Beverly and Ken each received a W-2 form from Cypress Corporation
(see separate tab). The Hairs have interest income of $1,000 on
City of St. Louis bonds. Beverly...
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