Homework Answers
a) At 0% rate the capital gain will be taxed because iof your taxable income is less than $ 78750 then the capital gain would be taxed at 0%.
b) The child tax credit is a non refundable credit that allows taxpayers to claim a tax credit of $ 2000 per qualifying child , which reduce their tax liability
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Kyle is single and has taxable income on his ordinary income of $35,000 before considering a...
Patricia, whose AGI is $50,000, is divorced, and maintains a home in which she and her...
Patricia, whose AGI is $50,000, is divorced, and maintains a home in which she and her 15 year old daughter live. Patricia provides the majority of the support for her daughter and for a son, age 23, who enrolled part-time at the university and lives in the dorm. The son also works in the campus bookstore and earns spending money of $4,500. What amount of Child Tax Credit and Other Tax Credit can Patricia claim? Select one: O a. $1000...
Henrich is a single taxpayer. In 2019, his taxable income is 461000. What is his income...
Henrich is a single taxpayer. In 2019, his taxable income is 461000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. c. His 461000 of taxable income includes 61000 of long-term capital gain that is taxed at preferential rates Income tax------- Net investment income tax ------- Total tax liability --------- Please explain how you get the...
Capital Gains and Losses (LO. 5) Jennifer is single and has the following income and expenses:...
Capital Gains and Losses (LO. 5) Jennifer is single and has the following income and expenses: Salary Interest income $75,900 5,200 8,700 Dividend income Long-term capital gain 10,500 Short-term capital loss 14,900 3,300 Deductions for AGI Deductions from AGI 14,800 The standard deduction is $12,000 for single taxpayers. Dividends and net long-term capital gains are taxed at a rate of 15%. Refer to the Tax schedules table to answer the following question. Round intermediate calculations and final answers to the...
JESTION 4 (10 points) Lunin and Tonks have taxable income of $415,000 (all ordinary) before considering...
JESTION 4 (10 points) Lunin and Tonks have taxable income of $415,000 (all ordinary) before considering the tax effect of their sales (shown below). What is their net capital gain/loss (be sure to show work for potential partial credit What is their tax liability for 2019 assuming they file a joint return? Gain loss Held <l year Asset Nagini stock Dobby Stock Voldemort Statue Hedwig stock Scabbers stock Malfoystock Rental House Snape stock Market Value 11,500 32,000 155,000 $40,000 29,000...
Please show calculations/work Marcello is filing as single and has 2018 taxable income of $730,000 which...
Please show calculations/work Marcello is filing as single and has 2018 taxable income of $730,000 which includes $30,000 of 0%/15%/20% net long-term capital gain. What is his tax on long term capital gain using the alternative tax method?
Jamie is single. In 2020, she reported $90,525 of taxable income, including a long-term capital gain...
Jamie is single. In 2020, she reported $90,525 of taxable income, including a long-term capital gain of $5,000. What is her gross tax liability, rounded up to the nearest whole dollar amount? (Use the Tax rate schedules.) Select one: O a. $15,356 O b. None of the other choices O c. $15,806 O d. $14,606
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019,...
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019, his taxable income is $453,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank Enter zero if applicable.) A. His $453,000 of taxable income...
1. Lacy is a single taxpayer. In 2019, her taxable income is $40,200. What is her...
1. Lacy is a single taxpayer. In 2019, her taxable income is $40,200. What is her tax liability in each of the following alternative situations? All of her income is salary from her employer. 2. In 2019, Carson is claimed as a dependent on his parents' tax return. Carson's parents provided most of his support. What is Carson's tax liability for the year in each of the following alternative circumstances? Carson is 17 years old at year-end and earned $14,825...
10. Kirby, a single taxpayer, has taxable income of $30,000 and payer, has taxable income of $30,000 and is in the...
10. Kirby, a single taxpayer, has taxable income of $30,000 and payer, has taxable income of $30,000 and is in the 12% tax bracket. During 2019, she had the following capital asset transactions: $11,000 10,000 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investment Kirby's tax consequences from these gains are as follows: a. (5% * $10,000) + (12% * $13,000). b....
eBook TE Tax schedules Calculator Capital Gains and Losses (LO. 5) Jennifer is single and has...
eBook TE Tax schedules Calculator Capital Gains and Losses (LO. 5) Jennifer is single and has the following income and expenses: Salary $76,300 Interest income 5,200 Dividend income 9,400 9,900 Long-term capital gain Short-term capital loss Deductions for AGI 14,200 3,100 14,800 Deductions from AGI The standard deduction is $12,000 for single taxpayers. Dividends and net long-term capital gains are taxed at a rate of 15%. Refer to the Tax sci the following question. Round intermediate calculations and final answers...
Patricia, whose AGI is $50,000, is divorced, and maintains a home in which she and her 15 year old daughter live. Patricia provides the majority of the support for her daughter and for a son, age 23, who enrolled part-time at the university and lives in the dorm. The son also works in the campus bookstore and earns spending money of $4,500. What amount of Child Tax Credit and Other Tax Credit can Patricia claim? Select one: O a. $1000...
Capital Gains and Losses (LO. 5) Jennifer is single and has the following income and expenses: Salary Interest income $75,900 5,200 8,700 Dividend income Long-term capital gain 10,500 Short-term capital loss 14,900 3,300 Deductions for AGI Deductions from AGI 14,800 The standard deduction is $12,000 for single taxpayers. Dividends and net long-term capital gains are taxed at a rate of 15%. Refer to the Tax schedules table to answer the following question. Round intermediate calculations and final answers to the...
JESTION 4 (10 points) Lunin and Tonks have taxable income of $415,000 (all ordinary) before considering the tax effect of their sales (shown below). What is their net capital gain/loss (be sure to show work for potential partial credit What is their tax liability for 2019 assuming they file a joint return? Gain loss Held <l year Asset Nagini stock Dobby Stock Voldemort Statue Hedwig stock Scabbers stock Malfoystock Rental House Snape stock Market Value 11,500 32,000 155,000 $40,000 29,000...
Jamie is single. In 2020, she reported $90,525 of taxable income, including a long-term capital gain of $5,000. What is her gross tax liability, rounded up to the nearest whole dollar amount? (Use the Tax rate schedules.) Select one: O a. $15,356 O b. None of the other choices O c. $15,806 O d. $14,606
Income tax Net investment income tax Total tax liability Henrich is a single taxpayer. In 2019, his taxable income is $453,000. What is his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates, Estates and Trusts for reference. (Do not round intermediate calculations. Round your answers to 2 decimal places. Leave no answer blank Enter zero if applicable.) A. His $453,000 of taxable income...
10. Kirby, a single taxpayer, has taxable income of $30,000 and payer, has taxable income of $30,000 and is in the 12% tax bracket. During 2019, she had the following capital asset transactions: $11,000 10,000 Long-term gain from the sale of a coin collection Long-term gain from the sale of a land investment Short-term gain from the sale of a stock investment Kirby's tax consequences from these gains are as follows: a. (5% * $10,000) + (12% * $13,000). b....
eBook TE Tax schedules Calculator Capital Gains and Losses (LO. 5) Jennifer is single and has the following income and expenses: Salary $76,300 Interest income 5,200 Dividend income 9,400 9,900 Long-term capital gain Short-term capital loss Deductions for AGI 14,200 3,100 14,800 Deductions from AGI The standard deduction is $12,000 for single taxpayers. Dividends and net long-term capital gains are taxed at a rate of 15%. Refer to the Tax sci the following question. Round intermediate calculations and final answers...
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