Homework Answers
| Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
| Business credit, Child and depended credit and Earned income credit are all deductible from tax liability. |
| So in this case $ 1000 less $ 200 less $ 400 $ 700= $ 300 tax refund. |
| So answer is option C. $ 300 refund. |
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Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of...
This year Luke has calculated his gross tax liability at $2,200. Luke is entitled to a...
This year Luke has calculated his gross tax liability at $2,200. Luke is entitled to a $3,000 nonrefundable personal tax credit, a $1,800 business tax credit, and a $800 refundable personal tax credit. In addition, Luke has had $2,800 of income taxes withheld from his salary. (Input the amount as a positive value.) What is Luke’s net tax due or refund?
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....
19. Clarissa's gross tax liability is $1,300. She has a $1,900 nonrefundable tax credit, and a...
19. Clarissa's gross tax liability is $1,300. She has a $1,900 nonrefundable tax credit, and a $400 refundable personal tax credit. Her employer withheld $1,100 from her pay for taxes. What is her net tax due or refund for this year?
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)
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....
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...
a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI...
a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding $ 107,400 $ 107,400 $ 107,400 Required information Problem 4-28 (LO 4-1) The following information applies to the questions displayed below] Jeremy earned $100,700 in salary and $6,700 in interest income...
What are tax credits? Your adjustments, deductions, and exemptions reduce your taxable income. Tax credits, on...
What are tax credits? Your adjustments, deductions, and exemptions reduce your taxable income. Tax credits, on the other hand, are directly applied to the tax that you pay. You may take tax credits regardless of whether you itemize deductions. Many credits are limited, based on income levels, so the amount of a credit may be reduced for high-income taxpayers. The following statement refers to refundable and nonrefundable tax credits. A tax credit that can reduce your tax liability to zero,...
Tax Due or Refund
This year Luke has calculated his gross tax liability at $2,060. Luke is entitled to a $2,790 nonrefundable personal tax credit, a $1,695 business tax credit, and a $730 refundable personal tax credit. In addition, Luke has had $2,625 of income taxes withheld from his salary. What is Luke’s net tax due or refund?
Having issues calculating Income Tax Liability Required Informetlon The following Information applies to the questions displayed...
Having issues calculating Income Tax Liability
Required Informetlon The following Information applies to the questions displayed below Jeremy earned $101,100 In salary and $7,100 In Interest Income during the year. Jeremy's employer withheld $11,200 of federal Income taxes from Jeremy's paychecks during the year. Jeremy has one quallfying dependent child who lives with him. Jeremy qualifies to file as head of household and has $27,700 In Itemized deductions. (Use the tax rate schedules.) c. Assume the original facts except that...
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....
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)
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....
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...
a. Determine Jeremy's tax refund or taxes due. Description Amount (1) Gross income (2) For AGI deductions (3) Adjusted gross income (4) Standard deduction (5) Itemized deductions (6) Greater of standard deduction or itemized deductions (7) Taxable income (8) Income tax liability (9) Child tax credit (10) Tax withholding $ 107,400 $ 107,400 $ 107,400 Required information Problem 4-28 (LO 4-1) The following information applies to the questions displayed below] Jeremy earned $100,700 in salary and $6,700 in interest income...
What are tax credits? Your adjustments, deductions, and exemptions reduce your taxable income. Tax credits, on the other hand, are directly applied to the tax that you pay. You may take tax credits regardless of whether you itemize deductions. Many credits are limited, based on income levels, so the amount of a credit may be reduced for high-income taxpayers. The following statement refers to refundable and nonrefundable tax credits. A tax credit that can reduce your tax liability to zero,...
Having issues calculating Income Tax Liability
Required Informetlon The following Information applies to the questions displayed below Jeremy earned $101,100 In salary and $7,100 In Interest Income during the year. Jeremy's employer withheld $11,200 of federal Income taxes from Jeremy's paychecks during the year. Jeremy has one quallfying dependent child who lives with him. Jeremy qualifies to file as head of household and has $27,700 In Itemized deductions. (Use the tax rate schedules.) c. Assume the original facts except that...
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