Homework Answers
Federal Income Refund = Earned Income Credit + Federal Income Taxes Withheld - Tax Liability before Credit
= $3,584 + $750 - $400
= $3,934
Correct Answer is b. $3,934
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Question 12 Barbara is single and has one child, Cheerio. In 2020 her AGI is $25,000....
15 Barbara is single and has one child, Cheerio. In 2020 her A $25.000. Her takes...
15 Barbara is single and has one child, Cheerio. In 2020 her A $25.000. Her takes any credits is $400 and she has an earned income credit of $3,584. She had $750 onderad income was withheld from her pay. Barbara will receive a federal income refund of or Select one: O a. $3,184. O b. $4.334 c. $750 d. $3,934 O e. $3,584
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Sheila and Joe Wells are married with one dependent child. During 2020, they have gross income...
Sheila and Joe Wells are married with one dependent child. During 2020, they have gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $25,000 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their employer for federal income tax. They have a tax (due/refund) of $
11 Lisa is single, age 40, with 2 children age 8 and 10 whom she supports...
11 Lisa is single, age 40, with 2 children age 8 and 10 whom she supports and who the with her full time She works at Arby's and earns $35,000 salary and has AGI of $35.000. She pays $3000 in the year for a babysitter. Which of the following is true? Select one or more: a. Lisa is entitled to a refund of her taxes for the Additional Child Credit, the Earned Income Credit and FICA taxes that were withheld....
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5.Jacque Smith, an interior designer, is one-year shy of her thirtieth birthday. She has come to you for help in preparing her taxes. Use the information in the chapter, as well as the assumptions below, to answer the following questions: •She is single; •She has one child; •She made $39,500 is wages last year; •She earned $300 in taxable interest last year; •Last year she received a $100 tax refund from the State of Georgia, where she is resident; •She...
5.Jacque Smith, an interior designer, is one-year shy of her thirtieth birthday. She has come to...
5.Jacque Smith, an interior designer, is one-year shy of her thirtieth birthday. She has come to you for help in preparing her taxes. Use the information in the chapter, as well as the assumptions below, to answer the following questions: •She is single; •She has one child; •She made $39,500 is wages last year; •She earned $300 in taxable interest last year; •Last year she received a $100 tax refund from the State of Georgia, where she is resident; •She...
Emily Hill is 24 years old and single, lives in an apartment, and has no dependents....
Emily Hill is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $55,000 as a sales assistant for Business Solutions: $3,910 of her wages was withheld for federal income taxes. In addition, she had interest income of $142. - Estimate her taxable income - Estimate her tax liability - Estimate her tax refund or tax owed
Question 20 Dora is single and had AGI of $220,000 before considering the sale of IBM...
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Anabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents....
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a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI...
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15 Barbara is single and has one child, Cheerio. In 2020 her A $25.000. Her takes any credits is $400 and she has an earned income credit of $3,584. She had $750 onderad income was withheld from her pay. Barbara will receive a federal income refund of or Select one: O a. $3,184. O b. $4.334 c. $750 d. $3,934 O e. $3,584
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...
Sheila and Joe Wells are married with one dependent child. During 2020, they have gross income of $159,800, deductions for AGI of $5,500, itemized deductions of $25,000 and a dependent tax credit of $2,000. The Wells' had $22,000 withheld by their employer for federal income tax. They have a tax (due/refund) of $
11 Lisa is single, age 40, with 2 children age 8 and 10 whom she supports and who the with her full time She works at Arby's and earns $35,000 salary and has AGI of $35.000. She pays $3000 in the year for a babysitter. Which of the following is true? Select one or more: a. Lisa is entitled to a refund of her taxes for the Additional Child Credit, the Earned Income Credit and FICA taxes that were withheld....
Question 20 Dora is single and had AGI of $220,000 before considering the sale of IBM stock with a LTCG of $50,000 Which of the following is true? Answer saved Select one: Points out of 1.00 Remove flag a. Dora will pay 15% tax on the sale of the stock but does not owe Net Investment Income Tax b. Dora will pay 20% tax on the $50,000 LTCG c. Dora will pay 3.8% Net Investment Income tax on $20,000 of...
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