Homework Answers
C 15350
Standard deduction for Dependents: standard deduction may be reduced if a Person claimed as a dependent on another person's tax return. If that person were another person's dependent during a Tax Year, his standard deduction will generally be limited to the greater of $1,100 or his earned income plus $350.
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Sam, who is 28 year old son of John and Carol, is currently a full-time student...
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...
Which of the following individuals qualifies as a dependent of John Smith? A 20-year-old son who...
Which of the following individuals qualifies as a dependent of John Smith? A 20-year-old son who earned $4,900 during the Christmas season but was unemployed the remainder of the year. He was supported by John Smith A 10-year-old cousin living with John Smith’s parents but supported by John Smith A seven-year-old orphan (not adopted by John Smith) who has lived in his home the entire year and has been supported by him A 25-year-old married daughter who filed a joint...
QUESTION 26 Art, apo 21, a full some student at Westem College, chamed as a dependent...
QUESTION 26 Art, apo 21, a full some student at Westem College, chamed as a dependent by his parents. During 2019, he earned $1,600 from a summer job and $1,100 in interest from a savings account Art's taxable income for 2019 is: # $700 $1,100 o $100 d $2,700 None of the above QUESTION 27 Which of the blowing is an iomized deduction? Othey decentes inunda The deduction for capital losses Alimony paid to the taxpayer's ex-spouse Individual arment Account...
A 19-year-old full-time college student is the son of divorced parents. He has lived with and...
A 19-year-old full-time college student is the son of divorced parents. He has lived with and been supported by his remarried mother and stepfather for the last 3 years. The stepfather has not adopted the stepson. In 2016 the mother dies. The stepfather continues to 100% support his stepson. What tax benefits are maintained or lost by the stepfather? Can the stepfather file a joint return with his deceased wife in 2016? Can the stepfather continue to claim the stepson...
The Samsons are trying to determine whether they can claim their 22-year-old son, Jason, as a...
The Samsons are trying to determine whether they can claim their 22-year-old son, Jason, as a dependent. Jason is currently a full-time student at an out-of-state university. Jason lived in his parents’ home for three months of the year, and he was away at school for the rest of the year. He received $9,500 in scholarships this year for his outstanding academic performance and earned $4,800 of income working a part-time job during the year. Jason's grandparents paid a total...
Donald is a 21-year-old full-time college student. During 2019, he earned $2,550 from a part-time job...
Donald is a 21-year-old full-time college student. During 2019, he earned $2,550 from a part-time job and $1,150 in interest income. If Donald is a dependent of his parents, what is his standard deduction amount? If Donald supports himself and is not a dependent of someone else, what is his standard deduction amount? Amount of Standard Deduction If Donald is a dependent $2,900 If Donald is not a dependent
21 In 2020, the Turnerts' 25-year-old daughter, Victoria, is a full-time student at Acicora State University...
21 In 2020, the Turnerts' 25-year-old daughter, Victoria, is a full-time student at Acicora State University but she plans to return home after the school year ends. In previous years, Victoria has never worked and her parents have always been able to claim her as a dependent. Their AGI and earned income is $30,000. In 2020, Harrison, a kind neighbor pays all for all of Victoria's educational and living expenses. Can the Turnerts claim the Child Tax Credit or ODC...
A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $1...
A. John has two sons. David is 3-year-old, and Tommy turned 13 on May 1st in 2018. John paid a local daycare provider $12,000 for David from January through December and $3,000 for Tommy from January through June. John’s earned income is 60,000. What is the maximum amount of qualified expenses John can use to figure the child and dependent care credit? a) $15,000 b) $ 5,000 c) $ 6,000 d) $ 3,000 B. Amy is single and works part-time...
Allen and Amanda Alexander got married 10 years ago and have a 5-year-old son Andy. In 2018, Alle...
Allen and Amanda Alexander got married 10 years ago and have a 5-year-old son Andy. In 2018, Allen worked as a computer technician at a local university earning a salary of $126,600, and Amanda worked part-time as a receptionist for a law firm earning a salary of $39,000. Allen also does some Web design work on the side and reported revenues of $14,000 and associated expenses of $5,750. The Alexanders received a $200 refund of their state income taxes. The...
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm
John and Sandy Ferguson got married eight years ago and have a seven-year-old daughter, Samantha. In 2020, John worked as a computer technician at a local university earning a salary of $152,000, and Sandy worked part time as a receptionist for a law firm earning a salary of $29,000. John also does some Web design work on the side and reported revenues of $4,000 and associated expenses of $750. The Fergusons received $800 in qualified dividends and a $200 refund...
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...
QUESTION 26 Art, apo 21, a full some student at Westem College, chamed as a dependent by his parents. During 2019, he earned $1,600 from a summer job and $1,100 in interest from a savings account Art's taxable income for 2019 is: # $700 $1,100 o $100 d $2,700 None of the above QUESTION 27 Which of the blowing is an iomized deduction? Othey decentes inunda The deduction for capital losses Alimony paid to the taxpayer's ex-spouse Individual arment Account...
21 In 2020, the Turnerts' 25-year-old daughter, Victoria, is a full-time student at Acicora State University but she plans to return home after the school year ends. In previous years, Victoria has never worked and her parents have always been able to claim her as a dependent. Their AGI and earned income is $30,000. In 2020, Harrison, a kind neighbor pays all for all of Victoria's educational and living expenses. Can the Turnerts claim the Child Tax Credit or ODC...
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