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?
Homework Answers
Net tax refundable: 1300-1300(nonrefundable tax credit)-400 (refundable tax credit)-1100(TDS paid by employer)
=1500 refundable
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19. Clarissa's gross tax liability is $1,300. She has a $1,900
nonrefundable tax credit, and a...
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?
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?
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...
Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of...
Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of the Child and Dependent Care Credit and $700 of Earned Income Credit. What is Kasha's tax refund or tax liability due after applying the credits? Select one: O a. $0 refund or taxes payable b. $1,000 taxes payable O c. $300 refund O d. $700 refund
Tom Suzuki's tax liability for the year is $2,450. He had $2,050 of federal income taxes...
Tom Suzuki's tax liability for the year is $2,450. He had $2,050 of federal income taxes withheld from his paycheck during the year by his employer and has $2,000 in tax credits. What are Tom's taxes due or tax refund for the year?
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....
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 $2,100. They have made prepayments of
$1,900, they receive a child tax credit of $500, and a recovery
rebate credit of $2,900 (they did not receive this in advance).
What is the amount of their tax refund or taxes due?
What is the amount of their tax refund or taxes due?
David and Lilly Fernandez have determined their tax liability on their joint...
What tax strategies will utilize to pay every penny owe to the government, and not a...
What tax strategies will utilize to pay every penny owe to the
government, and not a penny more (for a given level of income of
$50000/ year, just graduated from university ,single ) What
strategies will take to reduce taxable income?
50.000 Includes: Wages, salaries, tips Investment/interest income bonus Education income in excess of expenses Excludes: Qualified retirement contributions (401k, 403b, not Roth's) Interest on US Savings bonds Total Gross Income 3,7 Traditional com 46,250 Adjusted Gross Income Excludes: Tuition...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit. Ed is single with no dependents. He has...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant...
Beth R. Jordan lives at 2322 Skyview Road, Mesa, AZ 85201. She is a tax accountant with Mesa Manufacturing Company, 1203 Western Avenue, Mesa, AZ 85201 (employer identification number 11-1111111). She also writes computer software programs for tax practitioners and has a part-time tax practice. Beth is single and has no dependents. Beth's birthday is July 4, 1972, and her Social Security number is 123-45-6785. She wants to contribute $3 to the Presidential Election Campaign Fund. The following information is...
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...
Kasha's gross tax liability is $1,000. She is entitled to $200 of business credits. 5400 of the Child and Dependent Care Credit and $700 of Earned Income Credit. What is Kasha's tax refund or tax liability due after applying the credits? Select one: O a. $0 refund or taxes payable b. $1,000 taxes payable O c. $300 refund O d. $700 refund
Tom Suzuki's tax liability for the year is $2,450. He had $2,050 of federal income taxes withheld from his paycheck during the year by his employer and has $2,000 in tax credits. What are Tom's taxes due or tax refund for the year?
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....
David and Lilly Fernandez have determined their tax liability on
their joint tax return to be $2,100. They have made prepayments of
$1,900, they receive a child tax credit of $500, and a recovery
rebate credit of $2,900 (they did not receive this in advance).
What is the amount of their tax refund or taxes due?
What is the amount of their tax refund or taxes due?
David and Lilly Fernandez have determined their tax liability on their joint...
What tax strategies will utilize to pay every penny owe to the
government, and not a penny more (for a given level of income of
$50000/ year, just graduated from university ,single ) What
strategies will take to reduce taxable income?
50.000 Includes: Wages, salaries, tips Investment/interest income bonus Education income in excess of expenses Excludes: Qualified retirement contributions (401k, 403b, not Roth's) Interest on US Savings bonds Total Gross Income 3,7 Traditional com 46,250 Adjusted Gross Income Excludes: Tuition...
Which of the following statements is false? A. The maximum nonrefundable amount of the child tax credit is $2,000 per qualifying child. B. The maximum nonrefundable amount of the credit for other dependents is $500 per qualifying dependent. C. The amount of the refundable additional child tax credit is limited to $1,400 per qualifying child. D. Children with an ITIN qualify for the child tax credit and the additional child tax credit. Ed is single with no dependents. He has...
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